Tags: Trump Administration | Trump Tax Reform | gary cohn | trump | tax | cuts

Gary Cohn: Trump Must Make Personal Tax Cuts Permanent

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By    |   Tuesday, 08 May 2018 12:59 PM

Gary Cohn, the former director of the White House Economic Council, urged President Donald Trump and Congress to enact a "tax cut 2.0" bill and make the personal rollbacks permanent.

Cohn told CNBC that such a move is the one piece of unfinished business he left behind. Cohn announced his resignation in March and left in early April.

"The one thing that we regret not having been able to do in the original tax bill was the personal side expired. We would like to go back and make the personal side permanent," Cohn told CNBC.

"We do not want that to expire," he said of the reform measure, passed in December, that slashed corporate and personal rates, but put a sunset provision on the latter cuts, CNBC.com explained.

Cohn endorsed an idea by House Ways and Means Chairman Kevin Brady to do a "tax cut 2.0" bill that would continue to review the current tax system — and make the changes to the personal tax reforms permanent, CNBC.com explained.

"Chairman Brady has an interesting idea and it's something that we should do. He thinks we should do tax modifications every year," he told. "The world's always changing, tax law's changing. We in the United States should not stay stagnant."

Meanwhile, Cohn also said he’s still weighing options for his next role but one possibility is a digital bank.

“I do have an idea for a company,” said Cohn, who was Goldman Sachs Group Inc.’s president before joining the Trump administration. “It would be an interesting concept playing on the knowledge I know from the banking world, in running a regulated bank, but in a digitized world.”

Cohn, 57, announced his departure from the White House in March after Trump moved forward with steep tariffs on steel and aluminum imports -- a plan Cohn had vociferously opposed, Bloomberg reported.

He was replaced by Larry Kudlow, an economist and former CNBC contributor. In a wide-ranging interview, Cohn said tariffs are detrimental to economic growth.

Cohn said he’s reviewing many options, including money management or philanthropic work.

“I miss working with young entrepreneurs,” Cohn said. “Getting involved with companies earlier is something I could see myself doing. I wouldn’t rule out getting involved with a mature company as well.”

(Newsmax wire services Bloomberg contributed to this report).

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Gary Cohn, the former head of the National Economic Council, told CNBC that Congress should do a "tax cut 2.0" bill and make the personal rollbacks permanent.
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Tuesday, 08 May 2018 12:59 PM
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