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
Create an account with the same email registered to your subscription to unlock access.
-
Today's political cartoons - September 14, 2024
Cartoons Saturday's cartoons - a second debate, Europe on the menu, and more
By The Week US Published
-
5 cleverly clashing cartoons about the presidential debate
Cartoons Artists take on a deepfake debate, winners and losers, and more
By The Week US Published
-
The Pélicot case: a horror exposed
Talking Point This case is unusually horrifying, but the misogyny that enabled is chillingly common
By The Week UK Published
-
Empty-nest boomers aren't selling their big homes
Speed Read Most Americans 60 and older do not intend to move, according to a recent survey
By Peter Weber, The Week US Published
-
Brazil accuses Musk of 'disinformation campaign'
Speed Read A Brazilian Supreme Court judge has opened an inquiry into Elon Musk and X
By Rafi Schwartz, The Week US Published
-
Disney board fends off Peltz infiltration bid
Speed Read Disney CEO Bob Iger has defeated activist investor Nelson Peltz in a contentious proxy battle
By Rafi Schwartz, The Week US Published
-
Disney and DeSantis reach detente
Speed Read The Florida governor and Disney settle a yearslong litigation over control of the tourism district
By Peter Weber, The Week US Published
-
Visa and Mastercard agree to lower swipe fees
Speed Read The companies will cap the fees they charge businesses when customers use their credit cards
By Peter Weber, The Week US Published
-
Reddit IPO values social media site at $6.4 billion
Speed Read The company makes its public debut on the New York Stock Exchange
By Peter Weber, The Week US Published
-
Housing costs: the root of US economic malaise?
speed read Many voters are troubled by the housing affordability crisis
By Peter Weber, The Week US Published
-
Feds cap credit card late fees at $8
speed read The Consumer Financial Protection Bureau finalized a rule to save households an estimated $10 billion a year
By Peter Weber, The Week US Published