Economy

Trump adviser Gary Cohn can't guarantee tax cut for every middle-class American

Trump told reporters on Wednesday that he specifically wouldn't benefit from the tax plan, despite the fact that he and his children would likely see millions in tax cuts thanks to his plan.

President Donald Trump's economic adviser is pushing back against the suggestion that the administration's tax plan could benefit the wealthy. "So if you are a giant corporation or in the top 1% - the GOP has a #TaxReform plan for you", Chuck Schumer chimed in from NY. He said the administration "can and must do better" to condemn hate groups. Unfortunately for the president, Steve Mnuchin, and Gary Cohn, the reviews are in, and the range from lukewarm to openly dismissive to this plan is a joke.

Secondly, Cohn addressed the potential repeal of the alternative minimum tax, saying that most of the money paid into the AMT was due to the elimination of the state and local tax deduction.

Cohn said the cuts won't increase the budget deficit. 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. "We think we can pay for the entire tax cut through growth over the cycle". He also said wealthy families used trusts and other methods to dodge the estate tax, but he did not mention Trump.

After sticking to the false line that the tax plan is targeted towards the middle class, the wheels started to come off when he said, "Every situation is different. We think we can now be substantially above 3 percent GDP growth", citing the administration's plans on deregulation and tax reform.

"I don't benefit. I don't benefit", Trump said, a claim that has been rated false by Politifact.

Elsewhere, rational conservatives-another group Trump probably assumed would obviously provide a glowing review-were similarly pessimistic.

The Republican tax cut plan looks ready to crash and burn. "It will be unviable, too".

National Economic Council Director Gary Cohn said Thursday that he remained at the White House even after criticizing President Donald Trump's response to Charlottesville because of the "once in a lifetime opportunity" to rewrite the tax code.



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