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Summers Decries Tax Compromises by Democrats to Pass New Bill

Aug. 10, 2022, 4:44 PM

Former Treasury Secretary Lawrence Summers decried the stripping of a global corporate minimum tax from the Democrats’ recent tax-and-climate change bill, a move that he said threatens a historic international agreement.

“It’s very sad how much special-interest lobbyists were able to stop things that are clearly in the public interest,” Summers said Wednesday on Bloomberg Television’s “Wall Street Week” with David Westin. “I am pretty offended by what’s happened here” with regard to businesses fighting against tax provisions in the legislation, he said.

Summers also blasted the removal of a proposal to scale back the so-called carried-interest tax break, ...