White House chief economic adviser: Trump tax cuts are not economic ‘irresponsible’

A top economic official for the Trump administration said Wednesday that suggestions that the President and congressional Republicans could cut taxes for everyone a year before the midterm elections is “irresponsible” and “would amount…

White House chief economic adviser: Trump tax cuts are not economic ‘irresponsible’

A top economic official for the Trump administration said Wednesday that suggestions that the President and congressional Republicans could cut taxes for everyone a year before the midterm elections is “irresponsible” and “would amount to a commitment of huge cuts without paying for them.”

Gary Cohn, Trump’s top economic adviser, said in an interview with Bloomberg on Wednesday morning that Republicans have been “absolutely crystal clear” that they will not raise taxes on middle-class Americans.

Cohn said on Wednesday that discussions between the administration and Congress have focused on simplifying the tax code, reducing tax rates and making the system “simpler, flatter and flatter.”

While Republicans have not ruled out reducing the federal tax rate from the current 35 percent rate on income above $418,400 to 15 percent or less for middle-class Americans, Cohn said that increased taxes would undermine economic growth.

“That’s being irresponsible with our middle-class families,” Cohn said. “That’s not good policy.”

Rep. Kevin Brady, R-Texas, the chairman of the House Ways and Means Committee, said earlier this week that a complete overhaul of the federal tax code would be one of the most consequential pieces of tax legislation in more than a generation.

Brady called for tax rates of 10 percent or 15 percent on some brackets for middle-class income, and said he was waiting to see the details of House Republicans’ tax plan before talking publicly about how the cuts might be paid for.

“We don’t want to have the system disadvantage hardworking Americans who make up this majority of the workforce,” Brady said Monday. “I don’t think it’s very partisan to say we want to be unified.”

Asked whether people who make more than $418,400 a year would see a tax cut, Brady said the tax plan would “dramatically cut taxes” for middle-class Americans, and “bracket” rates. He said the GOP plan would not raise taxes on families making more than $80,000 a year.

But Brady did not specify how those numbers would be paid for.

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