by Tyler Durden at ZeroHedge
Former Treasury Secretary Larry Summers says he’s “appalled” by the special interest carve-outs in the Democrats’ recent tax-and-climat bill, which he says threatens a historic international agreement.
“I am pretty cynical, and hardly antibusiness in general, or private equity in particular,” Summers tweeted on Monday, “but I am appalled by the end stages of the Senate bill’s passage.”
“It makes me despair of the general interest above the special interest,” he added.
There is no legitimate public policy argument for the maintenance of carried interest or @SenJohnThune /@SenatorSinema's private equity carve out from the bill. It makes me despair of the general interest above the special interest.
— Lawrence H. Summers (@LHSummers) August 8, 2022
Then, in a Wednesday appearance on Bloomberg Television‘s “Wall Street Week,” Summers said “It’s very sad how much special-interest lobbyists were able to stop things that are clearly in the public interest,” adding “I am pretty offended by what’s happened here” when it comes to businesses fighting against tax provisions in the legislation…
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