Gary Cohn on Tax Reform
Gary Cohn, the former President and COO of Goldman Sachs, is the President's chief economic advisor and Director of the National Economic Council. Mr. Cohn was recently interviewed by the Financial Times this past Thursday. The interview was primarily focused on tax reform.
According to Mr. Cohn, the ways and means committee, the chief tax-writing committee of the House of Representatives, will be writing the new tax bill within the next month. "On the personal side," Mr. Cohn said, "we have protected the three big deductions — charitable, mortgage and retirement saving. We want to raise the standard deduction caps and get rid of many of the other personal deductions. We want to get rid of death taxes and estate taxes." Later in the interview, Mr. Cohn explained how the White House plans to make up for lost government revenue, while keeping the "three big deductions" on the personal side, by eliminating state and local tax deductions, as well as other itemized deductions.
The interview went on to discuss taxes on businesses, before touching on the capital gains tax. Mr. Cohn expressed the administration's view, arguing keeping a preferred rate for capital gains helps to spur investment. Link to the FT interview below:
Transcript: Gary Cohn on tax reform
According to Mr. Cohn, the ways and means committee, the chief tax-writing committee of the House of Representatives, will be writing the new tax bill within the next month. "On the personal side," Mr. Cohn said, "we have protected the three big deductions — charitable, mortgage and retirement saving. We want to raise the standard deduction caps and get rid of many of the other personal deductions. We want to get rid of death taxes and estate taxes." Later in the interview, Mr. Cohn explained how the White House plans to make up for lost government revenue, while keeping the "three big deductions" on the personal side, by eliminating state and local tax deductions, as well as other itemized deductions.
The interview went on to discuss taxes on businesses, before touching on the capital gains tax. Mr. Cohn expressed the administration's view, arguing keeping a preferred rate for capital gains helps to spur investment. Link to the FT interview below:
Transcript: Gary Cohn on tax reform
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