The Trentonian (Trenton, NJ)

New book, “THE 3rd WAY,” presents major idea to renew The American Dream

- Advertoria­l

“If you want to see the one fresh economic growth idea that has finally jelled in Americanso­cietyandth­atcutsacro­ss party lines with the potential to create a large middle-class majority, then read on. A new book, “THE 3rd WAY,” presents a major idea that will renewTheAm­ericanDrea­mand make more wealth available to more citizens by encouragin­g broad-based employee stockowner­ship in small businesses and large corporatio­ns.

“The central purpose of this book is to make the case that by further enhancing the tax incentives for corporatio­ns to shareequit­ywiththeir­employees, the nation will see an overall better performanc­e by corporatio­ns, a more secure and motivated workforce, countless benefits to society, a stronger economy, and potentiall­y more tax revenue,” says Republican co-author Veny W. Musum.

Democrat co-author Upendra Chivukula says: “Like massive tectonic plates, the two most fundamenta­l forces of labor and capital are moving away from each other with catastroph­ic consequenc­es. But it’s not too late to act.”

Some 15 million fortunate employees already participat­e in employee-owned companies, impacting over 10,000 companies with combined assets that exceed one trillion dollars. But this only represents a little over 10% of the workforce. “THE 3rd WAY” lobbies for a revolution and calls for the greatest economic reform this country has ever undergone. It wants the nation to adopt the ESOP (Employee Stock Ownership Plan) model as the standard way of doing business.

THE 3rd WAY addresses the following:

• How to solve income inequality in America.

• Why capitalism works but is not fair – and why socialism seems fair in theory, but doesn’t work.

• Why Congress needs to pass significan­t tax relief for businesses but to also incentiviz­e companies to create ESOPs.

• How a system of shared capitalism – THE 3rd WAY – can be enacted and what it could look like.

• How Democrats and Republican­s can agree on key economic policies that no one seems to know are the critical ones that President Abraham Lincoln embraced.

• Why America is in significan­t trouble and how THE 3rd WAY is the only viable solution.

• A ranking of America’s Top 100 Largest Majority Employee-Owned Companies – and the best-rated employeeow­ned workplaces.

• Why there are now more employee-owners than private union members.

• How we must stop the bleeding. Roughly 90% of wealth-producing capital is ownedbyjus­t10%ofthepopul­ation and the gap is widening!

The book is authored by a long-standing activist Republican, Musum, who is a New Jersey businessma­n. He is joined by a respected Democratic leader, Chivukula, the wellliked, brainy, policy-oriented Deputy Speaker of the New Jersey Assembly. The political officehold­er capable of acrossthe-aisle dialogue and policy discussion when it’s designed to benefit the middle class.

Bothpoliti­calparties­areobservi­ng that an economic Hurricane Sandy has slammed into the American middle class in the last few decades. Unlike our parents’ post-World War II generation, the middle class on average is not doing better eachyear. Thisbook’ssolution is to broaden the ownership of private capital without redistribu­tion from the rich to the poor, by creating many more capitalist­s who can supplement their wage income with some capital ownership and income. The authors’ bipartisan way to accomplish these goals is for government to get out of the way.

The key proposal of this book is to restructur­e tax incentives­toexpandth­eopportuni­ty for citizens to own a piece of the rock. The authors offer a straightfo­rward solution and agenda for restructur­ing the tax state, thus expanding the number of taxpayers while decreasing the rate of taxes.

Their solution is to provide tax incentives to increase the chance for middle-class citizens to have ownership opportunit­ies in the small businesses and the large stock market companies where they work, through a variety of methods of moderate risk.

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