Tags: Donald Trump | death tax | AMT | gary cohn

Death of 'Death' Tax, AMT Immediate, Top Economic Adviser Says

Image: Death of 'Death' Tax, AMT Immediate, Top Economic Adviser Says
Gary Cohn (AP)

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Friday, 29 Sep 2017 10:07 AM Current | Bio | Archive

For the second time in nearly six months, President Trump’s top economic adviser, National Economic Council Director Gary Cohn, assured Newsmax that once the Trump tax reform package is enacted and signed into law, the disappearance of the estate tax will be “immediate.”

At a Sept. White House briefing on the proposed package, Cohn also vowed that enactment of the first tax reform package in 31 years would also mean disappearance of the alternative minimum tax (AMT).

“It's immediate,” said Cohn, “Everything [in the tax reform package] is immediate. The only thing that phases out is the five-year expensing.”

When Cohn unveiled the initial draft of the Trump tax plan on April 25, we asked the former Goldman-Sachs chief executive officer what he meant by the plan’s call to “phase out the estate tax.”

Cohn replied: "With the implementation of the new tax, the death tax would immediately disappear."

I pressed Cohn on the concern of estate tax opponents such as Jim Martin of the 60 Plus Seniors association that the administration was still not committed to immediate phase out of the “death tax” (shorthand for the estate tax) and asked again whether repeal would be immediate or phased out.

“In our outline, it's immediate,” he replied without hesitation.

Cohn echoed the same view for the AMT, now 47 years old. When the AMT was enacted in 1970, it was to apply to 155 multimillionaires reported by The Wall Street Journal not to have paid any taxes the year before.

The AMT currently applies to more than 4 million Americans, according to Forbes.

John Gizzi is chief political columnist and White House correspondent for Newsmax. For more of his reports, Go Here Now.

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President Trump’s top economic adviser, National Economic Council Director Gary Cohn, assured Newsmax that once the Trump tax reform package is enacted and signed into law, the disappearance of the estate tax will be “immediate.”
death tax, AMT, gary cohn
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2017-07-29
Friday, 29 Sep 2017 10:07 AM
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