Economy

Trump adviser 'can't guarantee' taxes won't go up for middle class

Trump adviser 'can't guarantee' taxes won't go up for middle class”

The report said gross domestic product jumped by 3.1 percent in the second quarter compared to the previously estimated 3.0 percent growth.

The downward momentum on Wall Street comes as traders continue to digest the tax reform plan unveiled by President Donald Trump.

But the plan would simplify the tax system from seven income brackets to three, and while the highest tax level would go down - from 39.6% to 35% - the lowest level would increase from 10% to 12%.

In remarks touting the plan in IN on Wednesday, Trump suggested the tax reform proposal represents a historic opportunity.

But there are too many unknowns in the proposal right now to know how it actually would affect taxpayers. The GOP now faces a tough battle in Congress to endorse the tax reform plan, which could take months. He says: "Democrats don't want massive tax cuts - how does that win elections?"

In an interview with ABC News' George Stephanopoulos Thursday, top White House economic adviser Gary Cohn said the tax plan was "purely aimed at middle class families", but stopped short of guaranteeing they wouldn't see a tax hike.

Cohn demurred on questions about how much Trump would benefit by the proposed change to the U.S. Tax Code, but said "we are very confident that Americans are getting a great deal".

"A typical family of four earning $55,000 in America today is going to have a substantial tax decrease", Cohn said, noting that their taxes would decrease by about $650 to $1,000.

George Stephanopoulos pressed Cohn on the fact that taxes are going to go up for many Americans, and said you can't guarantee that no middle-class family will get a tax increase. They are trying to sell the biggest tax cut for the wealthy in USA history as a middle-class plan, but Trump's own economic adviser let the truth slip out.

He also argued that "the wealthy are not getting a tax cut under our plan".

How do you pay for an estimated $5.8 trillion tax cut?

Instead, he said, the goal of the plan was to "create a economic stimulus package by using taxes to drive the economy of the United States". But doing so would still leave the tax cut more than $2 trillion shy of paying for itself.



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