Economy

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

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.



Like this

Latest


01 October 2017
Delayed start at ANC Eastern Cape conference
The registration, which was supposed to conclude by 10pm, was only concluded on the early hours on Friday. Nqatha was speaking on the sidelines of the provincial conference, now under way at the East London ICC.

01 October 2017
Mayor lashes out at Donald Trump over Puerto Rico response
Still, they reiterated their pride in the government's response, emphasizing their efforts to work together and with the teams on the ground.

01 October 2017
Trump's tax plan could disrupt NY's taxation system
The framework is exactly that-a guide that shows what Republicans would like to do to the structure of our tax laws. Now, it's up to the House and Senate to pass their respective proposals and hammer out the fine print.

01 October 2017
Henrikh Mkhitaryan says Manchester United have heeded Jose Mourinho's "Playstation football" criticism
A win on Wednesday would see Man Utd go three points clear at the top of Champions League Group A, with CSKA now behind the Old Trafford side on goal difference alone.

01 October 2017
Focused Investors LLC Has Decreased Anthem INC (ANTM) Holding by $34.29 Million
After $0.03 actual EPS reported by Avid Technology, Inc. for the previous quarter, Wall Street now forecasts 0.00% EPS growth. Following the transaction, the insider now owns 87,668 shares of the company's stock, valued at approximately $17,270,596.

01 October 2017
Sirius XM Holdings Inc. (SIRI) EPS Estimated At $0.04
The company reported $0.04 earnings per share (EPS) for the quarter, hitting the Thomson Reuters' consensus estimate of $0.04. Sandy Spring Bank increased Science Applications Inte (NYSE:SAIC) stake by 7,209 shares to 27,722 valued at $1.93M in 2017Q2.

01 October 2017
PepsiCo, Inc. (PEP) Receives "Buy" Rating from Jefferies Group LLC
Lindsell Train Ltd increased its stake in Pepsico Inc (PEP) by 15.07% based on its latest 2017Q2 regulatory filing with the SEC. Pepsico Inc now has $158.84 billion valuation. (NYSE:PEP) traded down 0.19% during mid-day trading on Friday, hitting $111.43.

01 October 2017
Numeric Investors LLC Buys New Position in Sherwin-Williams Company (The) (SHW)
The institutional investor bought 39,940 shares of the specialty chemicals company's stock, valued at approximately $14,017,000. The Btg Pactual Global Asset Management Ltd holds 31,422 shares with $11.03 million value, up from 27,387 last quarter.

01 October 2017
Trump slams Puerto Rico leadership over hurricane response
And FEMA Administrator Brock Long said the efforts have been hampered by damaged airports and ports on the island. Pesquera said he was not concerned about looting because he thinks residents are keeping it from happening.

01 October 2017
Western Gas Equity Partners LP (NYSE:WGP) Institutional Investors Sentiment Change
Finally, Chicago Partners Investment Group LLC increased its position in Western Gas Equity Partners by 1.0% in the third quarter. Tortoise Cap Advisors Limited Liability Corp has invested 0.33% in Western Gas Equity Partners LP (NYSE:WGP).



Recommended