Confusion Reigns Over Trump Tax Cut Plan

First there were the leaks, then there was the plan, and then there were the attacks. Now, however, confusion is the theme of the day with Gary Cohn saying “I can’t guarantee anything”. Here’s the latest…

From Zero Hedge

While proclaiming that “the biggest winners will be everyday American workers,” President Trump’s top economic adviser, Gary Cohn told ABC News’ George Stephanopoulos that he can’t guarantee that taxes won’t go up for some middle-class families under the administration’s sweeping tax overhaul.

 “The biggest winners will be the everyday American workers as jobs start pouring into our country, as companies start competing for American labor and as wages start going up at levels that you haven’t seen in many years,” Trump said.

Following Matt Drudge’s cries of “betrayal” yesterday, it appears confusion truly reigns as to just who benefits from the so-called ‘greatest tax cuts in the history of the world’ as we know absolutely nothing because the government has yet to release the income brackets (or get close to guessing at just how ‘progressive’ and ‘punitive’ the optional 4th bracket will be).



Reflecting on what President Trump called “The Middle Class Miracle”, Cohn remarked…

“I can’t guarantee anything,” said Cohn, the director of the White House Economic Council. “You can always find a unique family somewhere.”

He said Trump’s plan is “purely aimed at middle-class families.” But Cohn acknowledged that “it depends which state you live in.”

“When we looked at the tax plan and we look at what it does for Americans, we are very confident that Americans are getting a great deal here,” he replied.

“We’ve also said that wealthy Americans are not getting a tax cut.”

So “everyday Americans” win, “can’t guarantee” that the middle-class won’t pay more, and the rich will definitely feel the ‘progressive’ pinch (though definitions of ‘everyday’, ‘middle-class’, and ‘rich’ are unclear). However, it appears clear there is one cohort of ‘losers’…