Former Senator (R) from New Hampshire Writes Op-Ed Piece Supporting ESOPs
Senator Bernie Sanders is not the only public figure supporting ESOPs these days. Showing that ESOP support continues to be a bipartisan endeavor, former Senator from New Hampshire John Sununu recently wrote an op-ed piece for CNBC.com recommending to the President that he consider adding pro-ESOP legislation to his tax reform.
Among the statistics cited by Mr. Sununu was the fact that from 2002 through 2015, S Corp ESOP companies’ employment grew at a rate that was FOUR TIMES the rate of non-ESOP companies (38% vs. 8%, respectively).
Mr. Sununu also referred to the productivity and engagement advantages in ESOP companies, as well as the fact that ESOP companies are more likely to have TWO qualified retirement plans (normally the ESOP and a 401(k) plan) than a non-ESOP company is to have ONE plan.
It is certainly not new that bi-partisan support exists for ESOPs. But with the increasingly diminishing list of such “common ground” issues, it grows more and more impressive.