Former Treasury Secretary Dismisses Tax Cuts As “Gimmicks”


On this past Friday, former Treasury Secretary Larry Summers opined his thoughts on the aftereffects of the Tax Cuts and Jobs Act, as reported by The Daily Wire.

Summers on Bonuses for Americans

Over the past few weeks, many Americans have experienced monetary bonuses from the large companies and businesses which employ them. This is a victory that conservatives and Trump supporters have lauded. However, not everyone perceives the aforementioned tax cuts in a favorable manner.

When CNBC host Jon Fortt asked Summers about his disposition regarding monetary increases for hardworking Americans, the latter responded with there hereinafter remarks:

I think it’s a gimmick.

Fortt then asked Summers to follow up with an explanation. Summers’ continued remarks read as follows:

I think in many cases, the firms have to raise wages because labor markets are tight and so why not curry some favor with the White House by linking it to the tax cut? It’s a very common device. If you want to give somebody some money, but you don’t want to promise it to them on a continuing basis, you frame it as a bonus.