Elizabeth Warren’s tax proposals nearly amount to confiscation, Larry Summers says

By Kevin Stankiewicz

November 19, 2019

Former U.S. Treasury Secretary Larry Summers bashed presidential candidate Sen. Elizabeth Warren’s tax proposals on Tuesday, arguing they go too far and could ultimately hurt the American economy.

“I don’t think that taxation approaching confiscatory is remotely feasible and, if it was tried, would have catastrophic economic consequences,” the former economic advisor to Barack Obama said on “Closing Bell.”

Summers has cast doubt on Warren’s flagship wealth-tax proposal before, but his criticism Tuesday targeted her wide-ranging tax proposals.

“Essentially, what Sen. Warren’s plans would do, as I read them, is they go through every option that has been selected as the possible strategy for raising progressivity and tries to do them all at once,” Summers said.

By doing so, Summers said, “you’re collecting, essentially, about as much taxes as the total after-tax [adjusted gross income] of all the millionaires.”

Read more at CNBC.

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