Summers Slams Democrats for SALT, Insufficient Tax Hikes on Rich

Former Treasury Secretary Lawrence Summers criticized Democratic lawmakers for moving to include, in a social-spending bill, an expansion of the federal deduction for state and local taxes while doing little to boost levies on millionaires earning less than $10 million.

“What I think is disturbing is that, in the way this bill is likely to pass -- it’s not completely clear yet -- depending on what happens to state and local taxation, there will be a large number of people with incomes of, say, $8 or $9 million, who are going to see their taxes go down,” Summers told Bloomberg ...