Former Treasury Secretary Larry Summers assailed proposals from presidential candidates Elizabeth Warren and Bernie Sanders to impose a wealth tax.
That makes his critique of the wealth tax proposals from Warren and Sanders particularly relevant for Democrats.
“If you had a successful wealth tax that forced people to react the way they normally would by giving away their money to organizations that share their values and spent money in pursuit of their values, you would in all likelihood increase, rather than decrease, the influence of the views of the wealthy,” Summers argued.
Warren has proposed a 2 percent tax on wealth that exceeds $50 million, and 3 percent on the amount above $1 billion.
“The truth is you can become one of the most powerful money people around the Democratic Party or the Republican Party for four or five million dollars a year.