Trump's Tax Plan

[GMDino]

http://www.msn.com/en-us/money/markets/gary-cohn-says-a-typical-american-family-earns-dollar100000-a-year%E2%80%94heres-how-much-they-really-make/ar-AAsAmVN?ocid=sf&ffid=gz

Quote:Gary Cohn says a typical American family earns $100,000 a year—here's how much they really make


Economic advisor Gary Cohn told reporters on Thursday that a typical four-person American family bringing in $100,000 a year would save $1,000 under the Republicans' proposed tax reform effort, which they could use to pay for a new car or a kitchen.

In actuality, the average American family makes $74,000 a year before taxes, or about $30,000 less than that, according to the Bureau of Labor Statistics. 

The median American family income is roughly half of Cohn's estimate, or only about $55,000.

Quote:[/url] Follow
Steve Herman 

@W7VOA
Economic adv. Gary Cohn: Typical family with 2 children earning $100,000 "can expect a tax cut of $1000." #TaxReform
2:50 PM - Sep 28, 2017 · Washington, DC

And some critics are seizing on Cohn's assertion that, with $1,000, a family "could renovate their kitchen, they could buy a new car." 

Quote:

 Follow
Judd Legum 

@JuddLegum
Uh, Gary Cohn (who is worth several hundred million dollars) thinks it costs $1000 to buy a new car (or renovate your kitchen)
3:04 PM - Sep 28, 2017

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Quote:[url=https://twitter.com/petersagal]

 Follow
((((Peter Sagal)))) 

@petersagal
"If a family gets to keep $1K in taxes, they can buy a new car!" -- Gary Cohn, who apparently last bought a car in 1905.
2:56 PM - Sep 28, 2017

Cohn is also under fire for acknowledging that he "can't guarantee" taxes wouldn't go upfor some middle-class families.

The GOP plan is expected to primarily benefit corporations as well as the wealthiest Americans, which includes various members of the White House and the Cabinet. The estate tax repeal alone would save Trump $564 million, Wilbur Ross $545 million, Betsy DeVos' father-in-law Richard $900 million, and Linda McMahon $250 million, reports Bloomberg. In fact, in several ways, the President himself stands to benefit tremendously.