In an interview on Thursday morning with George Stephanopoulos on ABC’s Good Morning America, President Trump’s economic adviser, Gary Cohn, said he can’t guarantee that every middle-class family will get a tax break under the new plan.
“There’s an exception to every rule. I can’t guarantee anything,” Cohn said, adding, “You can always find a unique family somewhere.”
“A typical family of four earning $55,000 in America today is going to have a substantial tax decrease,” Cohn said, explaining that their taxes would decrease by an estimated $650 to $1,000. “Everything we have done in this tax plan is to solve for the middle class.”
Stephanopoulos asked Cohn, “Can you guarantee that President Trump won’t get a tax cut under this plan?”
“George, 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,” Cohn replied. “We’ve also said that wealthy Americans are not getting a tax cut. We have designed a tax plan that is stimulative for the economy, where we are giving tax cuts to middle and lower-income Americans.”
He continued, “We want everyday, hard-working Americans to have more money in their paycheck. Your audience watching TV now, getting ready to go off to work, we want to find a way to put more money back in their paycheck.”
“Will the wealthy get a tax cut or not?” Stephanopoulos asked.
“The wealthy are not getting a tax cut under our plan,” Cohn insisted.
The new tax reform plan promises to reduce the corporate tax rate from 35 percent to 20 percent, and break individual taxes down into just three brackets: 12 percent, 25 percent, and 35 percent. It also proposes doubling the standard deduction for married and single filers.
— Good Morning America (@GMA) September 28, 2017
The plan includes a recommended surcharge on the very wealthy, and calls for a repeal of the estate tax.
During a speech in Indiana Wednesday, President Trump said, “This is a once-in-a-generation opportunity, and I guess it’s probably something I could say that I’m very good at. I’ve been waiting for this for a long time. 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 and most people thought left our country for good.”
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