It’s that time of year again – the time when we celebrate all we’ve accomplished with our friends and family. This holiday season, private, employee-owned companies across the United States are celebrating another year of growth, productivity, and security, driven by teamwork and the joys of ownership. Employee-Owned S Corporations of America (ESCA) joins the S ESOP holiday cheer with these highlights from 2016:
- There aren’t any Scrooges here: in January, Former White House Economist Jared Bernstein demonstrated employee ownership can reduce wealth and wage inequality. Additionally, Mr. Bernstein found that ESOPs do not have the effect of trading employee wages for ownership shares.
- More popular than the gingerbread, too: in July, Public Policy Polling found that 68 percent of Americans support the idea of companies being owned by their employees, a higher level of support than for “all-American” items such as hotdogs and baseball.
- Better than a New Year’s resolution: in August, the NCEO released a paper outlining how state governments can support nearly 7,000 ESOPs employing 13.5 million workers. The paper also suggested ways to promote the growth of ESOPs, including through the creation of a state-run Office of Employee Ownership.
- Christmas came early for Missouri: in September, Missouri passed H.B. 2030, the Stock Ownership Deduction Tax Act, to encourage the formation of more ESOPs in the state.
ESCA is proud of our members’ great work and successes this year, and we look forward to continuing to share the S ESOP spirit in 2017. Thank you for your support and encouragement – and thank you for helping us secure the gift of employee ownership for American workers.