Economy

Cohn: Tax Plan Focused on Tax Cuts for Middle Class, Economic Growth

Cohn: Tax Plan Focused on Tax Cuts for Middle Class, Economic Growth”

Chief White House economic adviser Gary Cohn on Thursday said he "can't guarantee" taxes won't go up for some middle-class families, even though he said the White House's new tax proposal is "purely aimed at middle-class families".

Cohn had considered quitting the White House due to his disappointment with President Trump's response to the Charlottesville white supremacist rally, but admitted Thursday that he stayed because he was excited by the "once-in-a-lifetime" opportunity to pursue tax reform.

"This is a once-in-a-lifetime opportunity, and I would never miss this", Cohn concluded.

Trump's tax plan moves to eliminate a deduction for state and local taxes that overwhelmingly benefits high-tax states with a tendency of leaning blue.

He says the plan should be passed through the house in October, Senate in November, and signed by the president by the end of the year. "I pay taxes to my state and local government, you then want to tax me on the taxes that I paid to my state and local government", the Democrat said. "It's not going to help". "You can always find a unique family somewhere".

"A typical family of four earning $55,000 in America today is going to have a substantial tax decrease" of '$650 to $1,000'. The plan would also repeal the estate tax, double the size of standard deductions for married couples and individuals, and expand child tax credits.

While the tax framework released Wednesday would eliminate that deduction, the provision isn't a red line, according to Cohn, the director of the National Economic Council.

But host George Stephanopoulos, a veteran of the Bill Clinton administration, pointed out that with the elimination of federal deductions for state and local taxes, many in New York City - and in other high-tax areas of the country - might actually pay more. So we're solving for the country as a whole. They can take a family vacation.

'We are very confident that Americans are getting a great deal here, ' he said.



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