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)
Yesterday, I published a brief analysis of Elizabeth Warren's plan to close the loopholes that allows private equity to defraud investors, creditors and workers to make billions while destroying the real economy.
Elizabeth Warren's bid for the Democratic 2020 presidential nomination has been dominated by a series of bold, detailed policy proposals that are designed to enact deep, structural changes in American law and policy to reverse 40 years of post-Reagan corruption and wealth accumulation by the richest 1%.
Public companies are legally required to disclose their risks to investors, but it's a rare company that incorporates climate change into those mandatory disclosures; under a new presidential campaign platform proposal from Elizabeth Warren (disclosure: I am a donor to both Warren and Sanders's campaigns), the SEC would require public companies to incorporate two kinds […]
There’s reading for pleasure, and then there’s reading for fuel; absorbing the great ideas in nonfiction books so you can apply them in your own life. In today’s hectic pace, it can be difficult to find the time to do that reading – especially for the entrepreneurs and professionals who can benefit the most from […]
Breaking into the big leagues as a project manager isn’t done overnight, but there are principles that anyone can learn, and they’re applicable to nearly any business. No matter what your field, if there are multiple teams working toward a common goal, you’re going to need a roadmap. The Project Management Professional Certification Training Suite […]
On the one hand, nostalgia is “a corruption of the historical impulse,” according to William Gibson. On the other hand, “Super Mario Bros.” will never not be cool. Luckily, there’s a way to satisfy that retro gaming while still keeping an eye on the future: The GameShell Kit. This thing is simultaneously the last handheld […]