Economy

Trump economic adviser Cohn says he'll stay put

"The GOP tax plan delivers massive tax cuts to millionaires & giant corporations & kicks working families to the curb", Senator Elizabeth Warren tweeted. He said the administration "can and must do better" to condemn hate groups.

Gary Cohn insisted Thursday that the plan is "purely aimed at middle-class families".

At Bank of America, analysts told clients that the plan released has "a few more details" than the one-page outline circulated in April, but is "far from comprehensive", containing "all the goodies but none of the pain", i.e. how this thing is actually going to be paid for.

"Like I said, what we're trying to do here at the White House is to increase the lifestyle of American citizens", Cohn said. At Morgan Stanley, experts put the odds of the proposed corporate tax rate actually falling to 20 percent, as the Big Six have proposed, as similar to those of Trump announcing he's leaving Twitter, having decided it's an unproductive, inappropriate use of his time.

"Our plan is based on lowering rates, and expanding the base", he said, adding that reaching three percent annual GDP growth would bring in more revenues.

Cohn stressed that he can have an enormous impact on the United States economy and its trajectory if the administration is successful in its tax reform effort.

The White House has moved to defend the proposed tax overhaul, which is still being crafted, from criticism that it will unduly help the wealthiest Americans or blow a hole in the federal budget.

Trump spoke about his proposed tax overhaul Wednesday in Indianapolis, saying he hoped to bring growth to the USA economy by simplifying the tax code and lowering taxes on businesses and some households.

"I don't benefit. I don't benefit", Trump said, a claim that has been rated false by Politifact. The firm also referred to the proposed elimination of the inheritance tax as a "pet project", which, zing!

The president has said repeatedly that the plan would provide badly needed tax relief for the middle class. "It will be unviable, too".

President Donald Trump's economic adviser pushed back Thursday against the suggestion that the administration's tax plan could benefit the wealthy, but said he couldn't guarantee that taxes won't go up for some middle-class families.

Leaked records published in March showed that, under the alternative minimum tax, Trump was forced to pay $31 million in 2005, suggesting that eliminating the provision could benefit him and other wealthy individuals like him.



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