Chief White House economic adviser Gary Cohn claimed that a family could buy a new car or renovate a kitchen with an extra $1,000 that they might get under the new Republicans tax reform proposal.
Cohn, who is worth an estimated $200 million, was asked about the massive tax cut that Trump would get under the tax reform plan, but Cohn dodged the question with his ludicrous claim:
I think what the American people are concerned about is their financial position. I think what they’re concerned about is when they go to work every week, and get their paycheck every week, how much do they get to keep?
How much goes in their pocket versus how much goes to the government. How much do they get to spend versus how much do they send to the government?
If we allow a family to keep another $1,000 of their income, what does that mean? They can renovate their kitchen, they can buy a new car, they can take a family vacation, they can increase their lifestyle. That’s what our tax plan is to do. Our tax plan is aimed to return more income back to hard-working Americans.
The New York Times notes that the tax reform plan would benefit the wealthy, including Trump: “The plan would also benefit Mr. Trump and other affluent Americans by eliminating the estate tax, which affects just a few thousand uber-wealthy families each year, and the alternative minimum tax, a safety net designed to prevent tax avoidance.”
The Republicans and the Trump administration are claiming the long debunked claim that corporations will suddenly create jobs if they get just more tax breaks.
Cohn told ABC’s Good Morning America earlier in the day that he could not guarantee middle-income families wouldn’t pay more under the new tax reform bill, notes Business Insider:
“I can’t guarantee anything. You can always find a unique family somewhere,” Cohn said, before going on to assert that the tax proposal is “purely aimed at middle-class families.”