White House adviser Gary Cohn: 'Only morons pay the estate tax'
White House economic adviser Gary Cohn reportedly quipped in a meeting this year with Senate Democrats that "only morons pay the estate tax."
A source close to Cohn told The New York Times that Cohn hadn't actually used the word "morons," and was actually talking about "rich people with really bad tax planning." However, the Times suggested the comment Cohn made in regards to "the wisdom and cost of repealing the estate tax" — one of President Trump's signature pledges — is illustrative of Cohn's lacking understanding of the political process driving tax reform:
Cohn, alongside Treasury Secretary Steven Mnuchin, is leading the charge on crafting the White House's strategy for tax reform. But right now, investors' consensus is that it isn't "going to get done this year," Stephen Moore, a Heritage Foundation economist who advised the Trump campaign, told the Times. "They are facing big frustration among policy makers, the business community, and investors that there's been months of inaction."
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
-
Foreigners in Spain facing a 100% tax on homes as the country battles a housing crisis
Under the Radar The goal is to provide 'more housing, better regulation and greater aid,' said Spain's prime minister
By Justin Klawans, The Week US Published
-
Crossword: January 22, 2025
The Week's daily crossword
By The Week Staff Published
-
Codeword: January 22, 2025
The Week's daily codeword puzzle
By The Week Staff Published
-
US port strike averted with tentative labor deal
Speed Read The strike could have shut down major ports from Texas to Maine
By Peter Weber, The Week US Published
-
Biden expected to block Japanese bid for US Steel
Speed Read The president is blocking the $14 billion acquisition of U.S. Steel by Japan's Nippon Steel, citing national security concerns
By Peter Weber, The Week US Published
-
Judges block $25B Kroger-Albertsons merger
Speed Read The proposed merger between the supermarket giants was stalled when judges overseeing two separate cases blocked the deal
By Peter Weber, The Week US Published
-
Rupert Murdoch loses 'Succession' court battle
Speed Read Murdoch wanted to give full control of his empire to son Lachlan, ensuring Fox News' right-wing editorial slant
By Peter Weber, The Week US Published
-
Bitcoin surges above $100k in post-election rally
Speed Read Investors are betting that the incoming Trump administration will embrace crypto
By Peter Weber, The Week US Published
-
Enron mystery: 'sick joke' or serious revival?
Speed Read 23 years after its bankruptcy filing, the Texas energy firm has announced its resurrection
By Peter Weber, The Week US Published
-
US charges Indian tycoon with bribery, fraud
Speed Read Indian billionaire Gautam Adani has been indicted by US prosecutors for his role in a $265 million scheme to secure solar energy deals
By Peter Weber, The Week US Published
-
Boeing machinists approve contract, end strike
Speed Read The company's largest union approved the new contract offer, ending a seven-week strike
By Peter Weber, The Week US Published