Home Economy Confused over Trump’s tax plan? Gary Cohn says he doesn’t see why

Confused over Trump’s tax plan? Gary Cohn says he doesn’t see why

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         Confused over Trump’s tax plan? Gary Cohn says he doesn’t see why

Donald Trump’s National Economic Council director says he just doesn’t get why Americans aren’t clear about the aim of the president’s tax plan.

“I am really confused why people don’t understand what we’re doing here,” NEC chief Gary Cohn told “CBS This Morning” on Monday, in response to a question about how Trump’s plan is a middle-class tax bill. He cited doubling the standard deduction as one way it will benefit the middle class.

Cohn also acknowledged that the plan would eliminate the estate tax, a levy known to benefit wealthy families. The top 10% of income earners pay more than 90% of the tax, with over a quarter of it paid by the wealthiest 0.1%, according to the Tax Policy Center.

Also read: Trump’s tax plan — surprise — would save his wealthy children $1.4 billion.

Since the tax plan’s unveiling last week, the administration has worked to promote it as benefitting the middle class. Treasury Secretary Steven Mnuchin told reporters on April 26 that the proposed 15% corporate rate would apply to small- and medium-sized businesses as well as corporations. But he said the administration would make sure there are rules “so that wealthy people can’t create pass-throughs and use that as a mechanism to avoid paying the tax rate that they should be on the personal side.”

Read: Full text of Trump administration tax reform principles.

Democrats ripped the Trump tax plan upon its unveiling, with House Minority Leader Nancy Pelosi, a California Democrat, calling it a “wish list for billionaires.”

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