Daily Tax Report ®

Summers Lambasts Warren, Sanders Plans to Tax Wealth of the Rich

Oct. 18, 2019, 2:30 AM

Former Treasury Secretary Lawrence Summers lambasted proposals to tax the wealth of the richest Americans made by presidential candidates Elizabeth Warren and Bernie Sanders.

Not only would the Supreme Court likely rule such levies unconstitutional, but they would raise far less money than advertised and do nothing to erode what political influence the wealthy have if implemented, he said.

Lawrence Summers
Photographer: Kiyoshi Ota/Bloomberg

“For that to be the defining element in the progressive agenda in the United States, it seems to me to potentially sacrifice an immense opportunity,” he told an event Thursday at the Peterson Institute for International Economics in Washington....

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