Quantcast
Connect with us

Trump’s chief economist insists tax cuts for the ultra-rich will ‘trickle down’ to ‘a lot of people’

Published

on

White House economic adviser Gary Cohn defended Republicans’ proposed tax cut legislation on Thursday by explicitly saying that tax cuts for wealthy people will “trickle down” to the rest of the economy.

In an interview with CNBC, Cohn said that middle-class families are getting a comparatively small tax cut in the plan because it would be difficult to cut their taxes much further.

“You can’t go much further in the tax system,” he said. “Unless you want to start going negative tax rates and go into the negative world.”

The best way to really benefit middle-class families, Cohn insisted, was to cut taxes for corporations that would then use that windfall to raise workers’ wages.

“We create wage inflation, which means the workers get paid more; the workers have more disposable income, the workers spend more,” Cohn said. “And we see the whole trickle-down through the economy, and that’s good for the economy.”

Cohn also defended the plan’s phase out of the estate tax, which would be a massive boon for President Donald Trump’s own children, as well as the children of other wealthy families.

ADVERTISEMENT

“Are you seriously saying with a straight face that getting rid of the estate tax is about farmers and not about very wealthy families?” CNBC’s John Harwood asked Cohn.

“What I’m saying is that it benefits farms, it benefits small businesses, it benefits a lot of different people,” Cohn replied.

“Small businesses with more than $11 million estates?” Harwood countered.

“We do not believe that death should be a taxable event,” he said.

Report typos and corrections to [email protected].
READ COMMENTS - JOIN THE DISCUSSION
Continue Reading

2020 Election

BUSTED: Trump super PAC accused of lying to government about the source of mysterious $325,000 donation

Published

on

According to a report from the Daily Beast's "Pay Dirt" investigative unit, a Super PAC affiliated with President Donald Trump has some explaining to do about a $375,000 donation that was wrongly attributed to one company -- but wire transfers tell a completely different story.

As the Beast notes, "The super PAC America First Action reported receiving a $325,000 contribution last year from a company called Global Energy Producers. But records released in federal court this week indicate that contribution came from an entirely different company," adding that the discrepancy was pointed out by the  Campaign Legal Center which labeled it a violation of federal campaign-finance laws.

Continue Reading

Breaking Banner

Senate delivers stinging bipartisan rebuke to Trump — and blocks Saudi arms sales

Published

on

The Trump White House suffered a stinging defeat on Thursday when a bipartisan coalition of lawmakers voted to block sales of American arms to Saudi Arabia.

The vote in favor of blocking the arms sales received affirmative votes from all Senate Democrats, as well as votes from Sens. Lindsey Graham (R-SC), Susan Collins (R-ME), Jerry Moran (R-KS), Lisa Murkowski (R-AK), Rand Paul (R-KY), Mike Lee (R-UT) and Todd Young (R-IN).

Graham, who is usually one of President Donald Trump's staunchest allies, said he voted for the bill because he believed the United States could not ignore the behavior of Saudi Crown Prince Mohammad Bin Salman, as well as the Saudi government's killing of journalist Jamal Khashoggi.

Continue Reading
 

2020 Election

Panicked GOP leaders scrambling to get Jeff Sessions to run for Senate so they won’t be saddled with Roy Moore

Published

on

According to a 2020 election analysis in the Washington Post, top Republican Senate leaders are cringing at the notion that former Alabama Supreme Court Justice Roy Moore could be their nominee for the seat currently being held by Democrat Sen. Doug Jones -- and are looking for a way out.

Continue Reading
 
 

Copyright © 2019 Raw Story Media, Inc. PO Box 21050, Washington, D.C. 20009 | Masthead | Privacy Policy | For corrections or concerns, please email [email protected]

I need your help.

Investigating Trump's henchmen is a full time job, and I'm trying to bring in new team members to do more exclusive reports. We have more stories coming you'll love. Join me and help restore the power of hard-hitting progressive journalism.

TAKE A LOOK
close-link

Investigating Trump is a full-time job, and I want to add new team members to do more exclusive reports. We have stories coming you'll love. Join me and go ad-free, while restoring the power of hard-hitting progressive journalism.

TAKE A LOOK
close-link