https://fortune.com/2022/09/24/larry...th-one-caveat/
Summers said we need more rather than fewer of them.
Indeed he thinks it’s crucial to keep the freewheeling entrepreneurial culture that spawns so many mega-billionaires because they’re also mega-job-creators. But he also believes they’re under-taxed. “If we had more people like Jeff Bezos and Bill Gates and Steve Jobs who built spectacular enterprises and made inordinate fortunes…that would be good for America,” he said. He also favors “a whole set of tax changes that would make them pay more and complicate any efforts to form intergenerational dynasties for the benefit of their great-grandchildren. The ease with which the wealthy can pass on their wealth to their heirs is an afront to the American ideal of equal opportunity.”
Taxing the super wealthy more isn’t the only change Summers would like to see at the IRS—he’d like to greatly expand its reach, and has the research to show why that move would more than pay for itself.
Larry Summers, Tiny & lustylad's new economic guru, says this...
