Former Clinton Treasury Secretary Lawrence Summers this week railed against the so-called 'wealth tax' proposed by progressive Democrats, warning that such 'anti-business' policies could have provoked more anti-Semitism from 20th-century business leaders.
Former Clinton Treasury Secretary Lawrence Summers this week railed against the so-called"wealth tax" proposed by progressive Democrats, warning that such"anti-business" policies could have provoked more anti-Semitism from 20th-century business leaders.,"there are better ways to be much more progressive" than a wealth tax similar to those proposed by 2020 Democratic presidential candidates Elizabeth Warren and Bernie Sanders.
Summers claimed a wealth tax would have promoted anti-Semitism in wealthy 20th-century business tycoons such as Henry Ford and kept them from creating massive philanthropic projects such as the Ford Foundation. Forcing the wealthy to spend could boomerang. If the wealth tax had been in place a century ago, we would have had more anti-semitism from Henry Ford and a smaller Ford Foundation today."Forcing the wealthy to spend could boomerang.
Summers repeatedly stated he doesn't believe today's political power problems involve massive personal contributions from wealthy donors, positing that America's super wealthy will simply move money to their family members and like-minded political groups should they be pressured by the government. He said wealth inequality has very little to do with political power and would ultimately hurt investment in lower or middle class efforts.
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