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Ex-Goldman President is Lead Architect for Trump Tax Plan
[Photo: abcnews.go.com]
Former Goldman Sachs President Gary Cohn is leading the effort to craft President Donald Trump’s plan to overhaul taxes that will be released within weeks. A White House official added that unnamed congressional leaders have been consulted on the blueprint.
Cohn, 56, joined the Trump administration to lead Trump’s National Economic Council, an influential panel that helps coordinate and develop the president’s economic program.
Cohn said last week that he has been meeting with members of Congress and working on 2 key goals: (i) cutting corporate income taxes; and, (ii) individual income taxes. He emphasized during a February 3rd interview with Fox Business News that he has been focused on tax cuts for low earners.
“We’re not spending a lot of time with the high earners,” Cohn said during that interview.
During his campaign, Trump adopted a plan favored by House Republican leaders that would consolidate the existing 7 individual income-tax rates to just 3 - the top rate would be reduced from 39.6% to 33%.
Cohn also said during an interview on CNBC last week that all options for corporate tax reform are being considered, including the plan favored by House Speaker Paul Ryan that would cut the corporate tax rate to 20% and tax U.S. companies on their domestic income and imports, while exempting their exports and offshore income.
Cohn has also called for using proceeds from a special tax on U.S. companies’ offshore earnings to help fund an ambitious public-works program.