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| Joined: | Mon Nov 21st, 2005 |
| Location: | California USA |
| Posts: | 6399 |
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AGSOC
In an effort to broaden the ownership of capital in our society, the senator authored and secured the passage into law of the General Stock Ownership Corporation (GSOC), Subchapter U of the Tax Code. With the hope of first using this law in Alaska, he brought about an initiative decision in the state’s general election of 1980 on the creation of an Alaska General Stock Ownership Corporation (AGSOG). As part of this effort, he negotiated a tentative agreement with the British Petroleum Company to sell their interest in the Alaska Pipeline to the AGSOC. The electorate failed to approve the AGSOC initiative. BP now considers its pipeline interest to be one of the most profitable of its Alaska holdings. Had the AGSOC been approved and the purchase gone through, it would be paying out dividends of several hundred dollars a year in income to every citizen/shareholder in Alaska.