{"id":1107762,"date":"2021-12-11T00:28:32","date_gmt":"2021-12-11T05:28:32","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1107762"},"modified":"2021-12-11T00:28:34","modified_gmt":"2021-12-11T05:28:34","slug":"summers-running-deficits-under-bbb-bill-not-the-right-thing-and-we-should-scale-back-its-tax-cuts-for-rich","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/summers-running-deficits-under-bbb-bill-not-the-right-thing-and-we-should-scale-back-its-tax-cuts-for-rich\/","title":{"rendered":"Summers: Running Deficits Under BBB Bill &#039;Not the Right Thing&#039; and We Should Scale Back Its Tax Cuts for Rich"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">40<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fsummers-running-deficits-under-bbb-bill-not-the-right-thing-and-we-should-scale-back-its-tax-cuts-for-rich%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1107762&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/11\/Summers-1112-Thumbnail-640x335-1.jpg\" class=\"ff-og-image-inserted\" \/><\/div>\n<p>On Friday\u2019s \u201cCNN Tonight,\u201d economist Larry Summers stated that while he supports the Build Back Better reconciliation bill, runs \u201cincremental deficits for the first few years. That\u2019s not the right thing to be doing and we should scale that back.\u201d And the best way to handle that is to get rid of reinstating deductions for state and local taxes, which he said is a tax cut for the rich. Summers also stated that \u201cwe do need to control inflation better in this bill. But the right way to do it is to focus the spending on investment and to fully pay, in highly progressive ways, for the spending we have.\u201d<\/p>\n<p>Summers stated, \u201cLook, my view is that, on balance, even if you had it as it stands, Build Back Better is better legislation for the United States. If I were in the Senate, I would vote for the Build Back Better legislation. Because I think the investments it makes are fundamental to the future of our country. I think it could be substantially better legislation than it is in its current form. We \u2014 now, in its current form, it\u2019s running incremental deficits for the first few years. That\u2019s not the right thing to be doing and we should scale that back. The best way to scale it back is to get rid of the provisions, partially repealing \u2014 or partially reinstating state and local tax deductibility, which are reducing taxes for many of the richest people in the country. If we got rid of that, we\u2019d be very close to balanced budget for the next few years. That\u2019s the right thing to do.\u201d<\/p>\n<figure id=\"D-ROS-B1\" class=\"a8d\"><\/figure>\n<figure id=\"M-ROS-B1\" class=\"a8d\"><\/figure>\n<figure id=\"gmxrevmore\" class=\"H\"><\/figure>\n<p>He added that it was wrong to make large and broad payments earlier in the year, and it would compound the error \u201cif we were to scrimp on vitally important investments.\u201d<\/p>\n<figure id=\"M-ROS-B2\" class=\"a8d\"><\/figure>\n<p>Summers further stated that carried interest should be addressed, the estate tax should be expanded, the corporate income tax rate should be increased, tariffs should be scaled back, and fossil fuel regulations should be examined to ensure they aren\u2019t raising fuel prices. And that \u201cwe do need to control inflation better in this bill. But the right way to do it is to focus the spending on investment and to fully pay, in highly progressive ways, for the spending we have.\u201d<\/p>\n<p><em>Follow Ian&nbsp;Hanchett on Twitter&nbsp;<a class=\"x5l\" href=\"https:\/\/twitter.com\/IanHanchett\" target=\"_blank\" rel=\"noopener external\">@IanHanchett<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>On Friday\u2019s \u201cCNN Tonight,\u201d economist Larry Summers stated that while he supports the Build Back Better reconciliation bill, runs \u201cincremental deficits for the first few years. That\u2019s not the right &#8230;<\/p>\n","protected":false},"author":33,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1107762","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1107762","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/33"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1107762"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1107762\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1107762"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1107762"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1107762"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}