In late January, the Financial Times reported that the “Trumponomies” team, led by former White House economic adviser Gary Cohn, were considering a “Trump economic plan” based on the “biggest, most transformative tax cuts in history.”
The plan was to “reduce the corporate tax rate from 35 percent to 15 percent, cut the corporate income tax rate to 15% from 35%, and cut taxes on capital gains and dividends.”
Cohn told the Times that the plan would have “a massive impact on our economy.”
But Cohn’s plan did not exist.
In fact, the plan was just a mock draft that the Trump team was working on as they were planning to announce the tax cuts, according to the Financial Press.
This is an excerpt from a report by the Financial Post that ran on Jan. 27, 2018: The president-elect has said he would like to see the corporate rate reduced from 35 to 15 per cent and his plan to tax corporations at a lower rate would be a ‘huge’ win for Americans, according a draft outline published on Monday by his economic advisory team.
But Cohn has said that the draft plan is not final and that the president-to-be is still working out how the proposal will be financed.
The plan is based on a combination of tax cuts for the middle class and lower corporate tax rates, which the administration hopes will boost the economy, but the plan could not be made public until after Cohn’s team unveils it.
[Financial Press, 1/27/18] Trump Adviser Gary Cohn: The Trump Economic Plan Is “Not Final.”
In February, Cohn told MSNBC that he was working with the Trump administration on the draft of the tax plan.
The draft proposal was to be presented to Trump in the next couple of weeks, he said.
Cohn did not respond to repeated requests for comment from Business Insider, and CNBC did not immediately respond to a request for comment.
[NBC News, 2/3/18; MSNBC, 2:18 PM EST; CNBC, 2