Former Treasury Secretary Larry Summers believes tax reforms proposed by President-elect Donald Trump would increase inequality, put a burden on government programs, incite trade wars and ultimately harm the global economy.
"Unfortunately, the potential reforms identified by House Speaker Paul D. Ryan (R-Wis.) and President-elect Donald Trump appear likely to do significant damage to the tax base and to the U.S. and global economies," Summers wrote in a Washington Post op-ed.
In an exclusive conversation, Summers explains to CNBC why trying to reinvent corporate tax laws rather than focusing on fixing loopholes could be detrimental to the economy.
This interview, which was originally broadcast on CNBC's "Squawk Box," is only available to PRO members.
