The Democratic presidential candidate's tax proposals would have 'catastrophic economic consequences' if implemented, the former treasury secretary says.
"Essentially, what Sen. Warren's plans would do, as I read them, is they go through every option that has been selected as the possible strategy for raising progressivity and tries to do them all at once," Summers said.
By doing so, Summers said, "you're collecting, essentially, about as much taxes as the total after-tax [adjusted gross income] of all the millionaires."tax rates for "very top-tier investors" could potentially exceed 100% , pointing to Warren's proposals to raise Social Security contributions to 14.8% for individual wages above $250,000, her wealth tax on the assets of those whose net worth exceeds $50 million, and a plan to tax capital gains the same as other income even if investors don't sell their assets."Consider a billionaire with a $1,000 investment who earns a 6% return, or $60, received as a capital gain, dividend or interest," the Journal's"If all of Ms.
Warren's campaign, which did not immediately respond to a request for comment on Summer's remarks, has unveiled her slate of tax proposals that would fund her plans around single-payer health insurance, expanded Social Security payments and others.Democratic 2020 U.S. presidential candidate and U.S. Senator Elizabeth Warren speaks to supporters in Memphis, Tennessee, U.S. March 17, 2019.
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