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Summers Says Carried-Interest Tax Break Is 'Outrageous'

Former US Treasury Secretary Lawrence Summers blasted the removal of a proposal to scale back the "outrageous" so-called carried-interest tax break from the Inflation Reduction Act in an interview on Bloomberg Television's "Wall Street Week" with David Westin. "The idea that the people who provide the service of asset management, who are often some of the best paid people in our country, should be able to have their compensation be taxed at half the rate of everybody else, I think is outrageous."