Taxes
Summers Says New York’s Millionaires Tax Risks ‘Downward Spiral’
- Ex-Treasury chief says taxpayers may flee without SALT change
- Praises infrastructure package, says it should be even bigger
This article is for subscribers only.
Former U.S. Treasury Secretary Lawrence Summers said New York state’s new budget deal, which raises taxes on millionaires, may backfire, especially if Congress doesn’t repeal the federal cap on state and local tax deductions.
Millionaires “deserve to pay more taxes -- it should happen,” Summers said in an interview with David Westin on Bloomberg Television’s “Wall Street Week.” “But New York City and New York state can’t do it alone without substantial consequences in this environment.”