The Truth About Taxes and Growth
High rates do not slow productivity.
Larry Summers has blind spots a mile wide, but the man is a historically-minded economist.
Here, he refutes the old trope about taxes – the only way government has money to invest – and growth. I wish more people knew this critical truth.
"When we had much higher tax rates in the United States in the 50s, the 60s and the early 70s. Productivity growth was more rapid than it has been in recent years," says Former Treasury Secretary @LHSummers.
— Bloomberg TV (@BloombergTV) January 19, 2024
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