“The wealthy are not getting a tax cut under our plan.” – Pres. Trump’s top Economic Adviser Gary Cohn to @GStephanopoulos on new tax plan pic.twitter.com/QYv7kItcas
— Good Morning America (@GMA) September 28, 2017
The Republican tax plan, which President Trump rolled out on Wednesday, left many questions unanswered, which is to be expected when a much-anticipated document is only nine pages long. The idea was to simplify the existing tax code, but details were even sparser than expected. The plan promises to double standard deductions while doing away with most itemized deductions. It also decreases the number of tax brackets and eliminates the estate tax, which arrives as fantastic news to the wealthy.
However, Trump’s top economic advisor, Gary Cohn, appeared on Good Morning America to not only insist that “wealthy Americans not getting a tax cut,” but he wouldn’t commit while addressing concerns from the middle class. When quizzed by George Stephanopoulos (and the following exchange does not appear in the above clip), Cohn began to hedge while addressing the possibility of a middle-class tax hike:
Stephanopoulos: “If I’m hearing you correctly, you can’t guarantee that no middle class family will get a tax increase. There will be middle class families who get a tax increase under your plan, correct?”
Cohn: “George, there’s an exception to every rule.”
Stephanopoulos: “So that’s a yes.”
Cohn: “Look, I can’t guarantee anything. You could always find a unique family somewhere.”
Of course, questions remain on how the tax plan plans to make up for the loss of the estate tax — the New York Times has an analysis of how this move will benefit President Trump — along with the planned breaks for corporations, all of which still remain vague. The hope, apparently, is that money will go back into #Jobs for Americans and then recirculate into the economy to #MAGA. Hopefully, more news will soon arrive on exactly how the GOP hopes to bring their plan to fruition.
(Via ABC News, New York Times & Talking Points Memo)