Gary Cohn defends Trump administration’s tax plan Video

Transcript for Economic adviser defends Trump’s tax plan

Let’s talk to the top economic advise Gary Cohn. Let’s talk taxes. Right now everybody wants to know what it’s going to mean for them. Cut middle class families watching now a family of four earning $55,000 how much they’ll save under the president’s plan. George, thank you for having me. First let me extend our sympathies to all the families in Puerto Rico dealing with what they’re dealing with. Our tax plan is purely aimed at middle class families. A typical family of four earning $55,000 is going to have a substantial tax decrease. That family could expect something in the neighborhood of $650,000 — I’m sorry $650 to a $1,000 tax decrease. Every tax situation is different. We are really solving for the middle class. Everything we have done in this tax plan is for the middle class. You say that $650 I wonder how uh I don’t get that number. The plan doesn’t show how big the plan would be. In New York the city of New York says nearly half the middle class families earning between 50 and $75,000 will get an increase because you eliminate the deduction of state and local tax taxes. If you look at the reality of the country as a whole, less than 25% of the families itemize. Only the people that itemize today less than 25% of the family itemize they’re the only ones taking a deduction for the state. We’re solving for the greater good of the country. You have to look at what we did in the entirety. We doubled the amount of income that people can keep at 0 tax rate. That’s a substantial thing. We lowered the 15% tax rate to 12%. When you look at the first couple tax rates and how much money you can keep at 0 and 12 we’ve done a substantial thing. Then we’re increasing the child care credit. People will get a much larger credit. That credit is deducted directly from your tax liability. But you’re not saying how much you’ll increase it. If I’m hearing you cell, you can’t guarantee no middle class families will get a tax increase, correct. George there’s an exception to every rule. That’s a yes? I can’t guarantee anything. You can always find a unique family somewhere. What we’ve been working on in the white house is create an economic stimulus package to to drive the economy of the united States. That’s what the president ordered us to do and we’re doing it. The president said he will not get a tax cut under the plan. He said you won’t get one as well. Look at the front page of “U.S.A. Today.” If…

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