{"id":476975,"date":"2022-07-22T22:47:54","date_gmt":"2022-07-22T19:47:54","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/congress-should-raise-taxes-to-fight-inflation-right-now\/"},"modified":"2022-07-22T22:47:54","modified_gmt":"2022-07-22T19:47:54","slug":"congress-should-raise-taxes-to-fight-inflation-right-now","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/congress-should-raise-taxes-to-fight-inflation-right-now\/","title":{"rendered":"#Congress should raise taxes to fight inflation &#8216;right now&#8217;"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3f9d2431da5\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3f9d2431da5\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/congress-should-raise-taxes-to-fight-inflation-right-now\/#%E2%80%9CCongress_should_raise_taxes_to_fight_inflation_%E2%80%98right_now%E2%80%9D\" >&#8220;Congress should raise taxes to fight inflation &#8216;right now&#8217;&#8221;<\/a><\/li><\/ul><\/nav><\/div>\n<h1>&#8220;Congress should raise taxes to fight inflation &#8216;right now'&#8221;<\/h1>\n<div>\n<aside class=\"single__inline-module alignleft\">\n<\/aside>\n<p>Congress is missing an opportunity to combat decades-high inflation by failing to implement tax hikes, former Clinton administration Treasury Secretary Larry Summers asserted on Friday.<\/p>\n<p>Summers, a frequent critic of the federal response to inflation, argued that lawmakers should consider raising taxes as another means of cooling the economy \u2014 with a focus on corporations and wealthy Americans.<\/p>\n<p>\u201cThe right thing to do is to raise taxes right now to take some of the demand out of the economy,\u201d Summers told <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-07-22\/summers-says-raise-taxes-right-now-to-help-battle-inflation\">Bloomberg<\/a>. \u201cWe can raise substantial revenue by cutting corporate tax loopholes.\u201d<\/p>\n<p>While Summers backed tax hikes on the wealthy \u2014 a measure also supported by President Biden and many prominent Democrats \u2014 he noted that it was \u201cnot the time for stimulative fiscal policies.\u201d<\/p>\n<p>In particular, he said Biden should not extend the lengthy pandemic-era moratorium on student loan payments or use tax proceeds to bankroll a \u201cbig new spending program.\u201d Biden has called for corporate tax hikes to fund a long-stalled, massive spending bill on climate and <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">social<\/a> programs.<\/p>\n<p>Instead, Summers noted that more tax revenue would assist with \u201cshort-term deficit reduction.\u201d<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/07\/larry-summers-inflation-02-1.jpg?w=1024\" alt=\"Capitol building\" class=\"wp-image-23166803\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/07\/larry-summers-inflation-02-1.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/07\/larry-summers-inflation-02-1.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/07\/larry-summers-inflation-02-1.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Larry Summers said Congress should hike taxes while forgoing more spending.<\/figcaption><figcaption><span class=\"credit\">Getty Images\/Bloomberg Creative<\/span><\/figcaption><\/figure>\n<p>Summers also <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>eared to take a dig at moderate Democratic Sen. Joe Manchin of West Virginia \u2014 who indicated last week that he would not consider supporting the inclusion of tax hikes in a spending bill without seeing more inflation data.<\/p>\n<p>\u201cWe can generate significant revenues simply by enforcing the tax law and taking some of the money out of high-income tax evaders who then go and spend the money, and that\u2019ll contribute to reduced inflation as well,\u201d Summers said.<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"826\" height=\"1024\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/07\/larry-summers-getty-02.jpg?w=826\" alt=\"Larry Summers\" class=\"wp-image-23073051\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/07\/larry-summers-getty-02.jpg?quality=75&amp;strip=all&amp;w=1652 1652w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/07\/larry-summers-getty-02.jpg?quality=75&amp;strip=all&amp;w=1239 1239w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/07\/larry-summers-getty-02.jpg?quality=75&amp;strip=all&amp;w=826 826w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/07\/larry-summers-getty-02.jpg?quality=75&amp;strip=all&amp;w=413 413w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/07\/larry-summers-getty-02.jpg?quality=75&amp;strip=all 1024w\" sizes=\"auto, (max-width: 826px) 100vw, 826px\"\/><figcaption>Larry Summers predicted inflation\u2019s alarming rise months before the Fed acknowledged it.<\/figcaption><figcaption><span class=\"credit\">Getty Images<\/span><\/figcaption><\/figure>\n<p>\u201cI sure wish we could get past this basically ludicrous economic idea that tax increases are inflationary. It\u2019s just not right,\u201d he added.<\/p>\n<p>Inflation surged to a four-decade high of 9.1% in June, according to federal data. The Federal Reserve is widely expected to implement a larger-than-normal interest rate hike next week in its latest bid to tame prices.<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/07\/larry-summers-inflation-03-1.jpg?w=1024\" alt=\"Shopper\" class=\"wp-image-23166804\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/07\/larry-summers-inflation-03-1.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/07\/larry-summers-inflation-03-1.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/07\/larry-summers-inflation-03-1.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Inflation hit 9.1% in June.<\/figcaption><figcaption><span class=\"credit\">Getty Images<\/span><\/figcaption><\/figure>\n<p>The outspoken Summers, who also served as an economic adviser to President Barack Obama, has been highly critical of the Fed\u2019s response to the inflation crisis.<\/p>\n<p>Earlier this month, Summers said the central bank had \u201clet us down quite badly\u201d and was still too optimistic in its view of the current economic landscape.<\/p>\n<p>Summers has also asserted that unemployment is likely to rise sharply above its current level of 3.6% in the months ahead as the economy adjusts to higher interest rates.\n                        <\/p><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/nypost.com\/2022\/07\/22\/larry-summers-congress-should-raise-taxes-to-fight-inflation-right-now\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;Congress should raise taxes to fight inflation &#8216;right now&#8217;&#8221; Congress is missing an opportunity to combat decades-high inflation by failing to implement tax hikes, former Clinton administration Treasury Secretary Larry Summers asserted on Friday. Summers, a frequent critic of the federal response to inflation, argued that lawmakers should consider raising taxes as another means of&#8230;<\/p>\n","protected":false},"author":1,"featured_media":476976,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/07\/larry-summers-inflation-99.jpg?quality=75&strip=all&w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[131615,87203,5069,70550,70551,991,88069,46483],"class_list":["post-476975","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-7-22-22","tag-corporate-taxes","tag-economy","tag-federal-reserve","tag-inflation","tag-joe-biden","tag-larry-summers","tag-taxes"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/476975","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=476975"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/476975\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/476976"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=476975"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=476975"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=476975"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}