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• Wealth tax: Tax net worth over $50 million at 2% a year, and 6% above $1 billion. To prevent the rich from yachting off, add a 40% “exit tax” on assets over $50 million upon renouncing U.S. citizenship. Estimated revenue: $3.75 trillion over a decade from 75,000 households. Most economists, including many Democrats, call that number a fantasy. Courts might also find the tax unconstitutional.

• Medicare for All tax:Charge companies with at least 50 workers an “Employer Medicare Contribution,” equal to 98% of their recent outlays on health care, while adjusting for inflation and changes in staff size. These varying fees “would be gradually shifted to converge at the average health care cost-per-employee nationally.” Estimated revenue: $8.8 trillion over a decade. If receipts fall short, add a “supplemental” tax on “big companies with extremely high executive compensation and stock buyback rates.”

• Global corporate tax: Raise the top business rate to 35%. Apply this as a world-wide minimum on overseas earnings by U.S. companies. Businesses would “pay the difference between the minimum tax and the rate in the countries where they book their profits.” Apply a similar minimum tax to foreign companies, prorated by the share of their sales made in the U.S. Estimated revenue: $1.65 trillion over a decade.

• Corporate surtax: Tax profit over $100 million at a new 7% rate, without exemptions. This would go atop the regular corporate rate. Estimated revenue: $1 trillion over a decade from 1,200 public companies.

• Slower expensing: “Our current tax system lets companies deduct the cost of certain investments they make in assets faster than those assets actually lose value.” Closing this “loophole,” she says, would raise $1.25 trillion over a decade.

• Higher capital gains taxes: Tax the investment gains of the wealthiest 1% as ordinary income, meaning rates near 40% instead of today’s 23.8%. Apply the tax annually on gains via a “mark to market” system, even if the asset hasn’t been sold. Estimated revenue: $2 trillion over a decade.

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The purpose of the blackouts was to avoid more damage from an aging grid that has not been adequately maintained. In January PG&E filed for chapter 11 bankruptcy to restructure tens of billions of dollars in liabilities, including for wildfire. Democrats, including Gov. Gavin Newsom, are predictably lambasting the company for prioritizing profits over safety. San Jose Mayor Sam Liccardo says he wants to turn it into a nonprofit.

Yet PG&E exemplifies the left’s “stakeholder” model, according to which businesses are accountable not only to their shareholders but also their workers, the environment and local communities and society at large. In practice, that means businesses exist to serve their political overlords.

Utilities are among the most heavily regulated businesses. In California, their rates and return on equity—that is, profits—are set by the California Public Utilities Commission and the Federal Energy Regulatory Commission. Every three years PG&E must submit funding plans to the CPUC, which holds public hearings with “stakeholders,” including customers and activist groups.

The commission and the state Legislature can also dictate energy investments. State law requires utilities to obtain 60% of their power from “renewable” sources by 2030. The commission has also ordered utilities to buy energy from homeowners with solar panels, paying them a higher rate than wholesale power providers get. Last year the commission directed PG&E to install 7,500 electric-car charging stations at apartment buildings and workplaces.

If shareholders want to earn a decent profit, they have to indulge their political masters’ fashionable views on matters such as climate, identity politics and corporate governance. Thus PG&E’s website defines “environmental justice” as “making better business decisions by understanding and considering the potential impacts of our activities and investments on low-income communities and communities of color.”

The utility also proclaims that “diversity and inclusion are integral to how we do business” and “are embedded throughout the lifecycle of our talent management programs.” PG&E boasts a chief diversity officer, a Diversity Council and a Compliance and Public Policy Committee on its board to review its diversity metrics.

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