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Gary Cohn says the administration thinks they can pay for the $5.8 trillion tax cuts through growth. Photo: Alex Brandon / AP

President Trump's economic advisor Gary Cohn broke down some of the most controversial details of the GOP's new tax plan on CNBC Thursday morning, starting with how much the $5.8 trillion tax cuts will cost Americans:

"We don't think the tax plan will cost $2.2 trillion," as some analysts have estimated, said Cohn. "When people come out with these numbers they have a very static view of the tax plan, and don't incorporate the growth...We think we can pay for the entire tax cut through growth over the cycle... and can get the U.S. to substantially more than 3% growth with tax reform and deregulation."
  • On the corporate tax rate being 20%, not 15% as the administration had previously pushed for: "We would've loved to have gone lower... but this does become a reality of balancing the budget... but we are at 20, and 20 is a bright line test for us. We are not going over 20, 20 is the top of where we are willing to go. We told them that if we start at 20 we are ending at 20 and there is no room to negotiate that."
  • Income taxes: "This is going to be in a very high income earner bracket, it is going to effect very few," said Cohn. Added that the the plan should help low income earners most.
  • Will this pass in Washington? "We've given the tax writers both in the Senate an the House an enormous amount of latitude to bring their members on... we will go through the right process to make sure this passes."
  • Carried interest rates: "The president remains committed" to that.

Go deeper

Updated 43 mins ago - Health

Massage, facial, pedicure... intravenous drip?

A salon on the Upper East Side of New York that offers IV drip therapies. Photo: Jennifer A. Kingson/Axios

IV drips — the kind you might get if you're rushed to the hospital — are trending as a spa treatment, thanks in part to endorsements by celebrities like Kim Kardashian and Madonna.

Why it matters: Like other "wellness" trends with a whiff of medical imprimatur, IV nutrient drips can be harmless or mildly restorative — or go awry, particularly in the wrong hands.

U.S. sounds alarm on Ukraine

Conscripts line up at a Russian railway station yesterday before departing for Army service. Photo: Sergei Malgavko/TASS via Getty Images

The Biden administration is "deeply concerned" by new intelligence — detailed for Axios and other outlets — showing Russia stepping up preparations to invade Ukraine as soon as early 2022.

Why it matters: Most of this was known from public sources and satellite imagery, but the administration is sending a stronger signal by releasing specific details from the intelligence community.

Felix Salmon, author of Capital
3 hours ago - Economy & Business

Philanthropy in the age of crypto

Illustration: Annelise Capossela/Axios

The best charities are increasingly effective. That's the clear message sent by Open Philanthropy, the think tank that doubles as the grant-making vehicle for Facebook co-founder Dustin Moskovitz and his wife Cari Tuna.

Why it matters: With tech and crypto wealth becoming a fast-growing part of the philanthropic pie, there's more of an emphasis than ever on effectiveness — what the newly-divorced Melinda French Gates, in her recent Giving Pledge update, characterizes as giving as "impactfully as possible."

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