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 ...
Certainly a family of 4 earning a combined $60k will see a decrease in their taxes. Without regard to which state they reside in.
And almost as certainly a family of 4 with a combined income over $100k which itemizes their deductions will see an increase in their taxes...no matter which state they reside in.
Silly me. I used to think "middle class" reached up to $250k combined income.
Sadly those folks are going to get hammered.
Of course the taxes paid is important but freeloaders have to go first.
Wonderful. How much? Will more people be completely untaxed now?
Do you really trust what ABC News says?
Read my lips Part 2?
So, the same peoole hammered by ACA, will be taxed even more.
“Do you really trust what ABC News says?”
LOL
It’s a direct friggin’ quote on video.
Well, it all depends on how you define “middle class”. “MIddle class” income in San Francisco is “rich guy” income where I live in central KY. It’s why I moved here. :)
My wife and I don’t itemize and file jointly. My taxes will most definitely go down.
“Read my lips Part 2?”
From my limited perspective, YES.
My taxes are certain to increase.
Taxes need to go down for everyone, or the tax increases will offset some or all of the tax cuts.
If the goal is to get more money into the private sector, then there should be no offsetting tax increases for any segment of the populace or businesses.
Millions more will pay no tax.
“So, the same peoole hammered by ACA, will be taxed even more.”
Most certainly.
BOHICA
Are you taking into account the doubling of the child tax credit? I think when the details are out, you'll be very pleased.
That is what my review indicates. My taxable income will go up over 8k.
Some tax cuts, the rich do well, the poor do well, the middle class bears the burden. How wonderful.
Don’t ask me.
We all know that Cohn is the mandatory Swamp appointee in the circle.
“Even Obama didn’t give me that much winning...”
Dude.
I’ve seen more than a dozen folks on FR just today who think this is just going to hurt those in California and NY. Blue states.
Because Cohn and the GOPe are putting out that talking point to aid passage. The know folks on the right will not even question it because it appeals to their emotional sensibilities.
What stupid, commie bastards they are.
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