President Trump's top economic adviser, Gary Cohn, said Thursday that he "can't guarantee" that middle-class Americans will avoid higher taxes under Republicans' recently unveiled tax reform plan. "You can always find a unique family somewhere," he told George Stephanopoulos on Good Morning America.
The Republican plan — which proposes shrinking the seven tax brackets down to three at 12 percent, 25 percent, and 35 percent — is being promoted as a win for the middle class because it will also double the standard deduction for all taxpayers, but it also raises taxes for low-income Americans and lowers them for the wealthiest Americans.
"A typical family earning $100,000 with two children ... they can expect a tax cut of about $1,000," Cohn told reporters Thursday afternoon. "That's where we're headed." Jeva Lange
The Week
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