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9/28/2017 12:10 pm  #1


Cohn Falsely Claims Wealthy Won’t Benefit From Trump Tax Plan

Gary Cohn Falsely Claims Wealthy Won’t Benefit From Trump Tax Plan

Maybe the president’s economic adviser hasn’t read the plan yet. Eighty percent of the tax cuts go to the wealthy, according to one estimate.

With a straight face on ABC’s Good Morning America on Thursday, President Donald Trump’s chief economic adviser Gary Cohn said that the administration’s tax plan doesn’t offer a tax cut to the wealthy.

But the plan unveiled by the Trump administration Wednesday clearly tells a different story. The rich ― and also corporations, which are technically people according to the Supreme Court ― are by far the biggest beneficiaries of the preliminary outline released by the White House.

Initially, Cohn tried to evade George Stephanopoulos’ questions on how the rich would benefit under Trump’s tax plan, but finally at the close of the interview he just seemed to give in to the untruth.

“Will the wealthy get a tax cut or not?” Stephanopoulos pressed.

“The wealthy are not getting a tax cut under our plan,” said Cohn, who is the director of the National Economic Council and is leading the push for tax cuts. The former Goldman Sachs president was also in the running for Federal Reserve chair before he openly criticized the president’s equivocal remarks on white supremacy.

Though the Trump administration’s plan is sketchy on key details ― including information on a much-ballyhooed child care tax credit ― as proposed thus far, the plan is a big fat kiss to the wealthy.

A stunning 80 percent of the so-called “tax relief” in Trump’s plan would go to households in the top 1 percent income bracket, according to a rough analysis  released Wednesday by the Center on Budget and Policy Priorities, a progressive think tank.

The top 1 percent of income earners would get a $150,000 tax cut, on average, according to the center. But the real winners would be the tippy top income earners. Households making more than $3.8 million would see their tax bills drop by about $800,000 a year or 21 percent, the report found.

Meantime, a married couple with one child making $48,000 a year would get a tax cut of... wait for it... $180. 


http://www.huffingtonpost.com/entry/gary-cohn-says-the-wealthy-dont-get-tax-cuts-under-trumps-plan-they-do_us_59cd0419e4b05063fe0f89a8


We live in a time in which decent and otherwise sensible people are surrendering too easily to the hectoring of morons or extremists. 
 

9/28/2017 4:15 pm  #2


Re: Cohn Falsely Claims Wealthy Won’t Benefit From Trump Tax Plan

How many tone deaf people are in the Trump Administration ?  Of COURSE people care about the deduction. It is what allows some of them to purchase their homes. Perhaps Cohn doesn't understand not having enough wealth to not care. 


"Do not confuse motion and progress, A rocking horse keeps moving but does not make any progress"
 
 

9/29/2017 7:28 am  #3


Re: Cohn Falsely Claims Wealthy Won’t Benefit From Trump Tax Plan

I wonder if the Trump administration’s new, simple, beneficial for middle income Americans, tax plan will close this loophole:


Kellyanne Conway Closed a Million Dollar Deal

Kellyanne Conway just sold her polling company and got to keep all the funds, thanks to a conflict of interest loophole that let her avoid costly taxes because she belongs to the executive branch.

Before Conway became the first woman to run a successful presidential campaign and slid into her comfortable office in President Donald Trump’s White House, she entered politics through the polling business. Over two decades ago, Conway started The Polling Company and Woman Trend, a unit within the company, that tracks social, cultural, financial, professional and health trends affecting women.

She owned her own GOP polling firm all the way through the presidential race, until Thursday, when CRC Public Relations bought The Polling Company/Woman Trend. Terms weren’t announced, but back in March, Conway estimated the value of her stake at somewhere between $1 million and $5 million.

Conway resigned from The Polling Company/Woman Trend after she accepted her position as counselor to Trump—something she had to do because it was a conflict of interest. Bloomberg reported in August that Conway had been taking steps to sell her consulting firm all summer and that she received permission to defer capital gains taxes, which turned out to be another positive impact of being part of the executive branch.

All executive branch employees can defer these kinds of taxes when they are required to sell their assets because of federal conflict of interest laws.
She’ll be required to invest the proceeds “in Treasury bills or widely diversified mutual funds,” in order to receive that deferral. So she won't pay any taxes based on any of the proceeds, which makes 2017 one of Conway's highest-earning years ever.

“The fewer conflicts of interest people in the White House have, the better off the country will be,” Scott Amey, general counsel for the nonpartisan Project on Government Oversight told USA Today. “I support the move. I just think you have to question the timing of it and why this wasn’t done earlier,” he said.

Virginia-based CRC Public Relations, the firm that bought Conway’s polling company, has worked with: Federalist Society; the Koch Brothers’s political advocacy group Americans for Prosperity; Americans for Tax Reform; PhRMA; and other digital conservative advocacy groups as clients, so the move didn’t come as a surprise to most.

“The Polling Company is a natural fit for CRC," the firm's president, Greg Mueller, said in a statement. "It is an established brand with a strong reputation among conservatives, Republicans, public policy organizations, corporations and associations."

 

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