White House economic adviser Gary Cohn reportedly claims that simplifying the tax code actually could mean higher earners would pay more, rejecting arguments that the Trump administration’s tax plan will benefit the wealthy most.
“Simplification does not mean tax cuts for the higher end of the bracket. We can simplify and we can get ride of a lot of the deductions,” Cohn told CNBC.
“Those deductions actually affect the high bracket-payers, so when you actually simplify that tax returns you’re actually affecting the high taxpayers the most.”
President Donald Trump campaigned on a three-prong approach of lower taxes, less regulation and higher infrastructure spending.
However, critics say the plan is too focused on lowering rates at the high end and for giving corporations tax breaks, CNBC.com reported.
Cohn explained the program will be aimed at reducing the tax burden overall and making the U.S. more competitive globally.
“We will hire people.