The Trump administration “promised the tax cut would pay for itself, raise the growth rate, and increase business investment, and none of those things happened. Period”
’s former national economic adviser and ex Goldman Sachs president and chief operating officer, has kept an intentionally low profile since he left the White House in April 2018. Unlike, say,who after leaving the Trump administration returned to Goldman Sachs to serve on the Management Committee, no less, Cohn has had a harder time finding a new high-profile gig.
But it was when Axelrod asked Cohn about the consequences of the new tax law that their conversation really got interesting. Citing “critics,” Axelrod said that most of the money saved from cutting the corporate tax rate to 21% from 35% went to stock buybacks and paying higher dividends to shareholders rather than to paying higher wages or to greater corporate investment.
While Cohn conceded that corporate tax revenue was down $100 billion as a result of the Trump tax cut, he told Axelrod that what “drives me absolutely crazy” is when people fail to realize that tax receipts from individuals “are actually up.” Again, the facts, according to the CBO, are that individual income tax receipts for 2019 are expected to be $1.7 trillion, up $16 billion from 2018. Payroll taxes—as a result of higher employment and slightly higher wages—are expected to be $1.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Gary Beadle's pregnant fiancé Emma McVey shows off tiny baby bump at nine monthsEmma McVey showed off her baby bump in a mirror selfie as she counts down the next two weeks before her baby is due
Read more »
Gary Clark Jr. Recruits Andra Day for New Version of 'Pearl Cadillac'Guitarist revisits This Land standout with help from Grammy-nominated singer
Read more »
Anton du Beke reveals his wife's favourite dance is his comic duet with Gary Avis from the Royal BalletStrictly Come Dancing star Anton du Beke has revealed his wife Hannah Summers' favourite dance. Find out all the details here...
Read more »
Supreme Court to decide whether Trump's tax returns must be released to HouseSupreme Court to decide clash between Trump and House Democrats over this tax returns.
Read more »
Melania Trump is 'doing a wonderful job' fighting bullying: Kathy IrelandIn a newly released interview, one prominent chief executive defended First Lady Melania Trump's anti-bullying effort and declined to comment on whether some of President Trump’s tweets constitute cyber bullying.
Read more »