WASHINGTON: President Donald Trump’s top economic adviser on Thursday defended plans unveiled this week for sweeping tax cuts but said he could not guarantee they would benefit every middle-class taxpayer. The White House has moved to defend the proposed tax overhaul, which is still being crafted, from criticism that it will unduly help the wealthiest Americans or blow a hole in the federal budget. Opposition Democrats have denounced the plan as a massive tax giveaway to the rich. “Our tax plan is aimed at making sure we give middle-class Americans a tax cut,” National Economic Council Director Gary Cohn told reporters, adding that a family earning $100,000 would see $1,000 decrease in tax liability. But he said that, given the multiplicity of local jurisdictions and the variety of financial situations Americans find themselves in, it was possible not everyone would benefit. “You can find me someone in the country that their taxes may not go down,” said Cohn. “We have 50 states, we have counties, we have cities…we have all different kinds of structures in the tax code.” The outlines of the proposal involve cutting corporate tax rates from 35 percent to 20 percent, reducing the number of income tax… Read full this story
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