Trump Tax Ideas Could Cause 'Economic Warfare,' Summers Says 

I've never heard anyone complain about smaller government and tax cuts. Except government workers that is.

One example of high tariffs is Brazil. How is that economy doing? Devaluing the dollar will only increase cost. China kept the western world's inflation low for a long time. There is no way the US can compete with low wage countries and we simply do not have the labor to support that level of manufacturing.

Economic warfare? What are we in right now?

Why is no one advocating to reduce public spending?

What about cutting spending n small government

Watching big media try and spin a proposal to eliminate income tax is fkn hilarious. Convince me that my money needs to be taken from me under threat of force 😂😂🤡

They exactly know why they are saying this, all the public spending end up boosting their own assets and open the gap even more between poor and wealthy.

Wow, everything Larry said is what is going through my mind when giving thought to Trump’s plans and I’m just a tradesman. It’s simple economics 101. Trump doesn’t even understand how tariffs work! Trump equals massive inflation and lower GDP.

Does Trump know what he is talking about?

Go take a look at the “Smoot-Hawley Tariff Act “ , I think replacing income taxes with all tariffs would cause the country great economic harm that would be really hard to recover from. I do agree it sounds nice. It would be nice to bring back the tax deductions that DJT 2017 tax cuts removed for the middle class. Yes the standard deduction went up, but the loss of other deductions caused my income taxes to increase almost 5000.

Trying to analyze Trump's economic policy is nonsense. There is no coherent policy. He just utters all the different goodies to different group of people want to hear. Once he gets to Whitehouse, things will fall into place for him.

Middle class already burdened, inflation already high. As the people I'm pretty sure the would enjoy not getting taxed on the hard earned money.

I know it trumps proposes elimination of citizenship based taxation the overwhelming majority of US citizens who live abroad will vote for him.

Tariffs are a strategic tool used to correct unfair and illegal trade practices or to weaken enemies to lower the risk of war. Based on your position on tariffs, my suspicion is that you are funded by China or more probably a Chinese proxy. When dealing with a country like China that does not believe in the rule of law, which violates all human rights, environmental, and trade laws. A country which has declared its enmity for the USA and all its neighbours, and is using its massive trade surplus with the USA to build up their military. Trade tariffs are the right response and in fact they do not go far enough. The US Government should be imposing massive sanctions, quotas and tariffs which escalate every year until China’s trade gap is less than 10% of the total imports from the USA. I am 100% positive that the American people would much rather pay an extra $0.50 for a plastic pail than go to war with China in 5 years, which will cost millions of lives and trillions of dollars. Economic cold war is the right response to China. If I was President, I would rapidly increase trade barriers against China until we had balanced trade. You cannot have fair trade with a communist country that is ruled by a tyrant whose declared vision is to conquer the world. Trump was the only world leader with courage to take this positive step toward preventing a future war with China.

When trump gives us a great 4 years I want you to make a public apology

Very nice woo yeah yeah Bloomberg TV you guys are awesome aren’t you?😂

Honorable Summers has been wrong about President 's Trump economic policy and tax cut before and he is very wrong again. Tax cut and reduction of government regulations on businesses combine with lower energy costs will help this country tremendously. That is Mr Trump's recipe for American.

Dude slipped up right here 1:51 😂

Yes, it would be inflationary to the wages within the USA, as he said at 1:51... a rare moment of honesty.

I would rather hear from Brooksley Bourne than this idiot. She was the one who said derivatives should be regulated-congressional testimony. Summers, Greenspan, Geitner and Levine all said that wall street could police itself. Only Levin said he wished he had listened to Brooksley.

Store closures are up 24%, 3200 closures nationwide so far this year. What a great economy.

Whats wrong witth made in America? Tell me again how importing every thing is good for America

Ridiculous, Trump is a horrible leader, Biden is as well. We need a new young leader not these idiots.

Breaking news. A cheating "millionaire" felon will enact policies that benefit him. 😂😂

And maybe they wont.

Lawrence sumsitup! Go long Larry, stay positive. Asset deflation vs Trump inflation vs Bidenomics ! Thanks Bloomberg for the entertainment…

This program is democratic mouthpiece.

Now the economy is perfect 🤩😃😃

Although it's nice of them to interview someone with special needs. But anyone that talks about how bad inflation could get is living under a rock.

And the Brits thought Brexit would be good for Britain.

I might vote for Trump even I hate him. With his policy, it's much easier to predict the outcome of the market. For majority of ppl who don't invest, well... they get to learn a lesson of their life time.

Worlds coming to an end soon Larry. So get your headstone engraved. Quickly

Let me ask you this. What was your tax rate under Trump ? What is your tax rates under biden atm 🤣

Yet Wall Street loves him because of greed.

The Global Covenant of Mayors knows best?

Getting rid of the federal income tax and all it's onerous requirements will cause people to be more free and entrepreneurial.

I honestly don’t think it commenting high tariffs is a good idea, it will cause countries and companies affected by the tariffs to pass their burdens onto the consumer. A Sales tax seems more realistic in this scenario.

Maybe rich people will move back here look at Dubai without income tax

Sommers is the greatest economic mind alive. But this is 100% political and based on his Clinton relationship

Eh. I think I'd prefer more of my money and the decision of what to buy. You can either compete for my business or lose it. Go ahead and gouge the market will adjust. Good luck to ya.

If Bloomberg television, old media, and Janet Yellen are against this idea, I am for it!

By the way, you’re drunk buddy you’re drunk you shouldn’t even talk either. You’re drunk or on there some kind of different influence you know it right

BS

He's already causing economic warfare

Summers is a dem and his opinions here are heavily biased. In fact, prior to the creation of the income tax, the US government financed ALL its activiteis with import tariffs. So the idea is at least worth exploring.

Oh,the spinning propaganda

Larry Summers sounds drunk. Slow and slurred speech

So out of touch we need more workers , you go shopping shelves are empty that you have to stores three to four times a week lines at the airports banks FDIC is still at $250k that senior have to going many times a month just to keep low limits not to mention lack of service. Again what is this guy smoking. I mean really I know he use to be gov’t servant and has a low income but the rest of us deserve better

None of the above!

OMG!

Scaling back subsidies for renewable energy is inflationary? This dude need to go back to his fireplace with his brandy.

He’s talking about debasing the currency!! Talk about the pot calling the kettle….

We need to manufacture and build things in this country. The politicians have sold us out to foreign countries.

Didn’t these people also say the Trump tariffs would directly cause inflation in 2016?

Trump ❤❤

We tried economic warfare last time.. it ended with COVID-19. Hopefully Americans are thinking about the long term benefits of peace and co-operation!

Another fake expert

Our country only was paid for by tariffs from other countries! Subsides mean government pays for things so those who actually do that job. The tariffs you need might mean a much smaller income tax. A smaller government means more innovation and business growth here. If products are made here then we have control of them

Exports are a very small percentage of GDP.

This has been old man is lying thu his teeth . Income taxes are eleagle anyway

The tariff tax idea is a good one.

Total BS

they know it would work!

why should we Americans care about what happens anyplace but in America.

I'm voting for Trump, but I totally disagree with making tips tax-free income. A good bartender in a decent nightclub or hotel or even at the airport can make over $100k per year in tips and then pay tax on his $12k W-2. Dumb campaign promise that I hope Congress (and SCOTUS, if necessary) spits back in his face.

IF we got ALL our oil from local sources, the Saudi's could go pound sand... Wow! What a clever idea! Let's do it!

Ya'll talking crap about what Trump might do does what to respond to what Biden has done?

Good.. whats the bad news

??? under DT inflation was the lowest it has been in recorded history

What rubbish

Very nice woo yeah yeah Bloomberg TV you guys are awesome aren’t you?😂