The Economic Club of Washington hosted the Honorable Gary D. Cohn, Assistant to the President for Economic Policy and Director of the National Economic Council, for a luncheon Signature Event on November 2nd. Director Cohn highlighted, among other topics, the newly released House of Representatives tax reform bill and the Administration’s role in developing its framework. Director Cohn emphasized two driving principles in the development of the bill: delivering a middle-income tax cut, and lowering the business tax rate. “The bill that the House has delivered… is a bill that the President can support,” said Cohn, who says that the goal is to deliver the bill to the President’s desk by the end of 2017.
Director Cohn stressed the importance of a middle-income tax cut that would allow families to spend more money and boost the economy. “It’s all about returning hard-earned income back to middle-class families. The President’s going to do what he needs to do to make sure we deliver on his campaign promise,” he said, noting that the proposed tax reform package as a whole should positively impact all taxpayers. Director Cohn also emphasized the importance of delivering an immediate corporate tax cut, shifting the rate from 35% to 20%. The goal is to incentivize business investment in the United States immediately, eliminating the need for a phase-in provision.
Director Cohn also discussed other various provisions that the final bill may include, such as an increase in the child care credit, phasing out the estate tax, eliminating the Affordable Care Act individual mandate, and possible tweaks in legislation such as Dodd-Frank. Regardless of the outcome of said provisions, however, Director Cohn underlined the overall goal for the Administration. “[T]his comes down to, are we delivering a middle-income, working-family tax cut or not? We believe that the House plan is delivering that.”
To view additional highlights and excerpts from the event, please click here.
