Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

Trump adviser 'can't guarantee' taxes won't go up for middle class
ABC News ^ | September 28th, 2017 | By MORGAN WINSOR

Posted on 09/28/2017 11:26:12 AM PDT by Mariner

President Donald Trump's top economic adviser, Gary Cohn, said today that he can't guarantee that taxes won't go up for some middle-class families under the administration's sweeping tax overhaul.

"There's an exception to every rule," Cohn told ABC News chief anchor George Stephanopoulos in an interview on "Good Morning America."

"I can't guarantee anything," said Cohn, the director of the White House Economic Council. "You can always find a unique family somewhere."

He said Trump's plan is "purely aimed at middle-class families." But Cohn acknowledged that "it depends which state you live in."

"A typical family of four earning $55,000 in America today is going to have a substantial tax decrease," he said, adding that its taxes would decrease by $650 to $1,000. "Everything we have done in this tax plan is to solve for the middle class."

(Excerpt) Read more at abcnews.go.com ...


TOPICS: Business/Economy; Front Page News; Government; News/Current Events
KEYWORDS: 115th; cohn; fakenews; garycohninterview; taxes; taxplandetails; trump; trumptaxcuts; trumptaxplan; trumptaxreform
Navigation: use the links below to view more comments.
first previous 1-2021-4041-6061-80 ... 221-228 next last
To: Mariner
President Donald Trump's top economic adviser, Gary Cohn, said today that he can't guarantee that taxes won't go up for some middle-class families under the administration's sweeping tax overhaul.

And I'll bet he can't guarantee that taxes won't go down for the top tier of taxpayers either.

21 posted on 09/28/2017 11:39:14 AM PDT by DoodleDawg
[ Post Reply | Private Reply | To 1 | View Replies]

To: NeoCaveman

Getting 1k credit for losing 4k exemption is a decrease if you are not in the 25% bracket.

However you also lose the two exemptions for the parents which is OK if you don’t itemize.


22 posted on 09/28/2017 11:40:07 AM PDT by TexasGator
[ Post Reply | Private Reply | To 15 | View Replies]

To: Mariner

“President Donald Trump’s top economic adviser, Gary Cohn, said today that he can’t guarantee that taxes won’t go up for some middle-class families under the administration’s sweeping tax overhaul.”

So when we say “tax reform,” it depends what the meaning of is is.


23 posted on 09/28/2017 11:40:36 AM PDT by Eleutheria5 (“If you are not prepared to use force to defend civilization, then be prepared to accept barbarism.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Mariner

In California and other states where the cost of living is halfway to the next solar system, I’m sure $250K is middle class-but here in Texas and some southern states, that is well into being an upper class income-the local dentist out here is married to the owner of the ranch store-and they don’t even make $250K between them-so it is all about where you live. I’ll be more than happy to see working class people like me and my neighbors keep more of OUR money...


24 posted on 09/28/2017 11:41:02 AM PDT by Texan5 (`"You've got to saddle up your boys, you've got to draw a hard line"...)
[ Post Reply | Private Reply | To 1 | View Replies]

To: pepsi_junkie

“Some tax cuts, the rich do well, the poor do well, the middle class bears the burden. How wonderful. “

Correct.

Wage earners under $60k do really well. As do all corporations. And the non-working poor.

The rest of us pay the whole friggin’ bill.


25 posted on 09/28/2017 11:41:55 AM PDT by Mariner (Pink Pussy Hats for the NFL)
[ Post Reply | Private Reply | To 17 | View Replies]

To: Mariner

Taxes will always go up.


26 posted on 09/28/2017 11:42:35 AM PDT by bgill (CDC site, "We don't know how people are infected with Ebola.")
[ Post Reply | Private Reply | To 1 | View Replies]

To: NeoCaveman
Are you taking into account the doubling of the child tax credit? I think when the details are out, you'll be very pleased.

I'm sure he's also taking into account the elimination of the personal exemption and the additional $28,000-plus in additional taxable income. That will more than offset the doubling of the child tax credit if, in fact, it is actually doubled.

27 posted on 09/28/2017 11:43:39 AM PDT by DoodleDawg
[ Post Reply | Private Reply | To 15 | View Replies]

To: Antoninus

Healthcare is now a luxury the unwashed cannot afford.


28 posted on 09/28/2017 11:44:09 AM PDT by nickcarraway
[ Post Reply | Private Reply | To 13 | View Replies]

To: Mariner

Those in the $250,000 will see a decrease from 39 to 35%. The $60,000 family will be fortunate to see a few dollars back.


29 posted on 09/28/2017 11:44:11 AM PDT by Sam Gamgee
[ Post Reply | Private Reply | To 1 | View Replies]

To: nickcarraway

Yes, which is politically stupid. Just creating more Democrat voters.


30 posted on 09/28/2017 11:44:40 AM PDT by Sam Gamgee
[ Post Reply | Private Reply | To 3 | View Replies]

To: nickcarraway

“So, the same peoole hammered by ACA, will be taxed even more.”

This is why 0care should have been repealed first. And the illegals that are costing the system untold billions needed to get booted out.

But neither happened, and are not likely to happen anytime soon, if at all.

For the middle class to break even, this tax bill needs to throw them a bone - and quite a big one to boot.

Still, it’s too early to get bent out of shape about it. Lots of horse trading to come. Problem is, we’ve got the aforementioned ACA and illegal albatross around our neck.


31 posted on 09/28/2017 11:44:52 AM PDT by Paulie (America without Christ is like a Chemistry book without the periodic table.)
[ Post Reply | Private Reply | To 6 | View Replies]

To: pepsi_junkie

Swamp budget. Worth it to get business tax cuts? Maybe.


32 posted on 09/28/2017 11:45:56 AM PDT by Sam Gamgee
[ Post Reply | Private Reply | To 17 | View Replies]

To: Sam Gamgee

Those folks were NEVER in the 39% bracket.

39% was always $400k +.


33 posted on 09/28/2017 11:47:16 AM PDT by Mariner (Pink Pussy Hats for the NFL)
[ Post Reply | Private Reply | To 29 | View Replies]

To: Mariner

like every tax bill, this one merely rearranges the deck chairs on the S.S. Leviathan.


34 posted on 09/28/2017 11:48:00 AM PDT by BlueYonder
[ Post Reply | Private Reply | To 1 | View Replies]

To: nickcarraway

“Healthcare is now a luxury the unwashed cannot afford.”

That’s very true, for the most part.


35 posted on 09/28/2017 11:48:07 AM PDT by Paulie (America without Christ is like a Chemistry book without the periodic table.)
[ Post Reply | Private Reply | To 28 | View Replies]

To: Paulie
This is why 0care should have been repealed first

I doubt there's a single elected official in this country who wants it repealed.

36 posted on 09/28/2017 11:48:31 AM PDT by nickcarraway
[ Post Reply | Private Reply | To 31 | View Replies]

To: Mariner

scratchin my head why what state you live in should make a difference ?


37 posted on 09/28/2017 11:48:44 AM PDT by stylin19a (Lynch & Clinton - Snakes on a Plane)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Mariner

Horrible headline. But they’d better be careful to lower not raise taxes. Or the political ( and economic) damage will be HUGE!


38 posted on 09/28/2017 11:49:53 AM PDT by faithhopecharity ("Politicans are not born, they're excreted." -- Marcus Tillius Cicero)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Mariner

Thanks for clarifying, so sounds like it is really a cut for the rich, not the middle class?


39 posted on 09/28/2017 11:50:36 AM PDT by Sam Gamgee
[ Post Reply | Private Reply | To 33 | View Replies]

To: Mariner

Half the country pays no or a negative federal tax rate. That’s the problem coupled with out of control spending


40 posted on 09/28/2017 11:51:58 AM PDT by cableguymn (We need a redneck in the white house....)
[ Post Reply | Private Reply | To 1 | View Replies]


Navigation: use the links below to view more comments.
first previous 1-2021-4041-6061-80 ... 221-228 next last

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson