News, Culture & Society

Gary Cohn can’t guarantee tax cut to middle-class families

A key White House economic adviser said Thursday morning that the Trump administration can’t promise that every middle-class family in America will see a tax cut under a plan the president touted Wednesday.

Trump called his tax blueprint a ‘middle class miracle’ on Wednesday as he rolled it out in an Indiana speech.

He said in a ‘Fox & Friends’ interview airing Thursday that he aims to help ‘the working people, middle class, the people that really haven’t been treated right.’

But Gary Cohn hedged on ‘Good Morning America,’ saying that the administration is ‘solving for the country as a whole,’ and ‘there’s an exception to every rule.’

‘I can’t guarantee anything,’ he admitted. ‘You can always find a unique family somewhere.’

White House Chief Economic Adviser Gary Cohn says that while the Trump tax plan is aimed at saving money for ordinary people, he ‘can’t guarantee’ every middle-class family will benefit

President Donald Trump called his tax reform blueprint a 'middle class miracle' on Wednesday

President Donald Trump called his tax reform blueprint a ‘middle class miracle’ on Wednesday

Cohn insisted, though, that the Trump tax overhaul plan ‘is purely aimed at middle-class families.’

‘A typical family of four earning $55,000 in America today is going to have a substantial tax decrease’ of ‘$650 to $1,000.’

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.

Cohn replied that since less than 25 per cent of middle class families itemize their deductions in the first place, most will find the tax savings outstripping any losses.

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

On Thursday morning President Trump baited Democrats who are lining up to oppose his plan, hinting that they risk their political future by standing in the way of tax cuts.

‘Democrats don’t want massive tax cuts – how does that win elections?’ he tweeted,’ claiming that he has seen ‘Great reviews for [the] Tax Cut and Reform Bill.’

As of Thursday there was no bill pending in Congress – only an outline of the plan’s contours that the White House and Republican leaders on Capitol Hill released.

Trump baited Democrats on Thursday, suggesting that they risk a political disaster by opposing tax cuts for their constituents

Trump baited Democrats on Thursday, suggesting that they risk a political disaster by opposing tax cuts for their constituents

‘We’re going to cut taxes for the middle class, make the tax code simpler and more fair for everyday Americans, and we are going to bring back the jobs and wealth that have left our country,’ Trump pledged on Wednesday.

‘We’re doing everything we can to reduce the tax burden on you and your family,’ he said. ‘By eliminating tax breaks and loopholes, we will ensure that the benefits are focused on the middle class, the working men and women, not the highest-income earners.’

‘Our framework includes our explicit commitment that tax reform will protect low-income and middle-income households.’

 

Read more at DailyMail.co.uk


Comments are closed.