Free Republic

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...

A Republican-sponsored tax reform plan (PDF) unveiled Wednesday could reduce federal income taxes for many Americans, though the details are sketchy on who would benefit most and who would pay more. The "Unified Framework for Fixing Our Broken Tax Code," released by the Senate Finance Committee, reduces the number of tax rates to three, nearly doubles the standard deduction, and makes more people eligible for child- and adult-care tax credits.It also eliminates most other deductions, including those for state and local income taxes, but keeps deductions for mortgage interest and charitable contributions. The plan also eliminates the alternative minimum tax, or...