Economics
Summers Lambasts Warren, Sanders Plans to Tax Wealth of the Rich
- Former Treasury chief says proposals likely unconstitutional
- Summers spars with wealth tax advocate Saez at conference
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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.