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In this paper, we study the integrality gap of the Knapsack linear program in the Sherali-Adams and Lasserre hierarchies. First, we show that an integrality gap of 2 - ε persists up to a linear number of rounds of Sherali-Adams, despite the fact that Knapsack admits a fully polynomial time approximation scheme [24, 30]. Second, we show that the Lasserre hierarchy closes the gap quickly. Specifically, after t rounds of Lasserre, the integrality gap decreases to t/(t - 1). This answers the open question in [9]. Also, to the best of our knowledge, this is the first positive result that uses more than a small number of rounds in the Lasserre hierarchy. Our proof uses a decomposition theorem for the Lasserre hierarchy, which may be of independent interest.