Gary Cohn is Trump's chief economic advisor. He's a former Goldman-Sachs banker with a net worth of more than $250,000,000. In his latest appearance, the quarter-billionaire explained to the press that Trump's tax-plan (which will transfer billions to the wealthiest 1%, e.g., Gary Cohn) will save two-child families earning $100,000/year about $1,000 and that they can use this money to buy "a new car."
Other things the quarter-billionaire thinks we can do with $1000: renovate our kitchens, take a family vacation, and "increase our lifestyle."
Notably absent: subsidize our kids' education after the schools collapse. Subsidize our parents' eldercare after social services for the elderly collapse. Replace our cars after our roads fall apart. Feed ourselves after our laid-off breadwinners find themselves without any unemployment benefits.
Donald Trump will save $125 million, personally, if these cuts go through.
Hours after falsely claiming that “the wealthy are not getting a tax cut” under Trump’s tax reform plan, Cohn appeared at a White House press briefing and spoke to what middle-class Americans have to look forward to. Based on the administration’s assumptions, he said, a typical family that has two children and earns $100,000 per year can expect annual tax savings of approximately $1,000.
“If we allow a family to keep another thousand dollars of their income, what does that mean?” he asked. “They can renovate their kitchen. They can buy a new car. They can take a family vacation. They can increase their lifestyle.”
Millionaire Trump Adviser Says Americans Can 'Buy A New Car' With $1,000 Tax Cut
[Chris D'Angelo/Huffington Post]
(via Naked Capitalism)
(Image: World Economic Forum, CC-BY)