Steyer Campaign Press Release - Tom Steyer's Bold Economic Agenda Puts People Over Profits

Steyer's economic agenda and proven business experience make him the candidate best qualified to take on Trump on the economy and win

(SAN FRANCISCO, October 7, 2019) — Today, Democratic presidential candidate Tom Steyer announced his economic framework, the "People Over Profits Economic Agenda." Steyer's agenda aims to take on corporate corruption and the unchecked capitalism that has hijacked our democracy for the last 40 years, and finally reverse the Republican policies that have allowed big corporations to write their own rules that reward shareholders at the expense of American workers.

Steyer believes it is critical for the Democratic Party to put forward a clear vision for a strong, fair and just economy that addresses the historic income inequality in our country — not by nationalizing industries but rather by fixing what is broken with our capitalist system. Steyer's "People Over Profits Economic Agenda", combined with his experience growing a successful international company, makes him the most qualified Democrat to take on Donald Trump on the economy and beat him in November 2020.

Steyer called for a wealth tax — 1% on those whose net worth is above $32 million — in October 2018, making him the first person presently running for the nomination to do so. Steyer again proposes instituting a wealth tax in his economic agenda to generate over $1 trillion annually for healthcare, education, environmental, and criminal justice programs.

Steyer's "People Over Profits Economic Agenda" is built on the following three core principles:

• Breaking the corporate stranglehold on our government. We must break the stranglehold that corporations exercise over our government with their money and lobbying power and ensure that our democracy functions as the founders intended: of, by, and for the people. This includes:
  • Establishing a national referendum process and Congressional term limits, repealing Citizens United, restructuring the Federal Elections Commission, and making it easier to vote;
  • Fostering the growth and organizational ability of our public and private sector labor unions;
  • Passing a federal $15/hr minimum wage, and expanding the earned income tax credit and retirement security programs.

• Investing in the American people. By investing in people, we open the doors of economic mobility, create new pathways for long-term growth, and underwrite America's future economic stability. To accomplish this, Steyer's agenda will:
  • Repeal the Trump tax cuts and institute a wealth tax — 1% on those whose net worth is above $32 million;
  • Allocate increased resources to public schools and social service programs, address systemic gender and racial wealth disparities, and invest in a multi-year effort to rebuild America's infrastructure that will expand business opportunities, generate good paying jobs, and lead us to a renewable future;
  • Institute two years of free college, help students refinance student loans at lower interest rates, pass a Student Borrowers Bill of Rights, and ensure teachers and other public servants who have met the requirements should have their student loans forgiven.

• Harnessing innovation and competition. Ensuring fairness in a market-based economy requires the government to set the economic rules of the road — the guardrails for the economy to operate within. Steyer's plan would:
  • Harness innovation and promote competition. He will review and reinforce existing, and consider new, antitrust regulations to ensure fair markets across all sectors and industries;
  • Negotiate trade agreements with vital economic partners and emerging regions of the world, strengthening U.S. key economic sectors and rebuilding American national security relationships. These agreements will be negotiated in a manner that includes and reflects the voices and input of all stakeholders, particularly environmental groups, indigenous populations, and labor unions;
  • Declare a climate change emergency on Day One of his presidency and begin implementing the agenda outlined in his Justice-Centered Climate Plan. The various elements of this plan will transition us to a green economy which will require significant investments in cutting edge technological research and development projects; spawn new businesses, entrepreneurs, and green industry sectors; restore America's climate leadership position across the globe; significantly reduce greenhouse gas emissions; and create 4.6 million jobs annually along the way.