Gary Cohn "can't guarantee" middle-class families won't pay more taxes

Gary Cohn

Cohn predicted that economic growth would be "substantially over 3 percent" due to tax reform and deregulation.

As part of his tax reform plan, Trump said the estate tax would be eliminated, "We are finally ending the crushing, the frightful, the unfair estate tax - or as it is often referred to - the death tax".

"All of these things lead to higher GDP", he said.

On the corporate side, Cohn said Thursday that Trump isn't willing to negotiate a tax rate higher than 20 percent for businesses. "This requires corporate tax reform to encourage business investment, which is 88 percent correlated with job creation because firms that build and expand will also hire more workers".

The document said: "The framework contemplates that the (congressional tax) committees will adopt measures to prevent the recharacterization of personal income into business income to prevent wealthy individuals from avoiding the top personal tax rate". Do you make $100K a year, but pay $10,000 of that in state income taxes and local property taxes? Two different tax rates will be applied: one for cash and cash equivalents, and another, lower rate for illiquid assets.

Critics claiming that the plan increases taxes on the poorest Americans may also be wrong because... The committees will determine these rules.

It will be hard for Republicans to pay for all the tax cuts they're promising unless they follow through on that plan. Seven personal tax brackets would be reduced to three: 12 percent, 25 percent and 35 percent.

Congress has the option of creating a higher, fourth, rate above 35 percent to ensure that the rich are paying their fair share. Almost 87% of taxpayers who claim the SALT deduction have an adjusted gross income (AGI) under $200,000. For starters, Trump's tax plan eliminates both the estate tax (or "death tax", if you're feeling propaganda-y) and the alternative minimum tax, both of which are used nearly exclusively by well-off and super-rich families. Families get up to a $1,000 credit per child under current law.

Opposition Democrats have denounced the plan as a massive tax giveaway to the rich.

Tax deductions for home mortgage interest and charitable contributions will be retained.

From what I see in tone of the release is that most farmers may get a reduction in tax rates and more aggressive Section 179 deduction, however, this may be offset by an increase in self-employment/payroll taxes, a loss of state income tax deductions and other itemized deductions and perhaps no Section 1031 relief on sale of land and buildings.

The plan will also end the estate tax, which is a tax on the transfer of the estate of a deceased person. He welcomed the president's pledge to work with both parties on tax reform, but said Republicans would have to move away from many of their initial proposals to win Democratic support.

Over the next few months, the House and the Senate will build on this framework and produce legislation.

Americans for Tax Reform founder Grover Norquist, meanwhile, said it passes the test of creating a system that will allow most Americans to file their taxes on a postcard.

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