Sep 28, 2017

Cohn: "We can pay for the entire tax cut through growth"

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.

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Joe Biden places second in Nevada caucuses, ahead of Pete Buttigieg

Democratic presidential candidate and former Vice President Joe Biden a Nevada Caucus watch party in Las Vegas on Saturday. Photo: Ronda Churchill/AFP via Getty Images

Former Vice President Joe Biden secured second place in the Nevada Democratic caucuses with former Southbend Mayor Pete Buttigieg third, according to NBC News projections Sunday.

Why it matters: It's a boost for Biden, who's widely tipped to be endorsed by House Majority Whip Jim Clyburn (D-S.C.) on Wednesday, ahead of this week's South Carolina primary.

By the numbers: With almost 88% of precincts reporting, Biden has 20.9% of the Nevada votes and Buttigieg has 13.6%.

Flashback: Bernie Sanders wins Nevada caucuses

Editor's note: This is a developing news story. Please check back for updates.

Sanders reveals free childcare plan for preschoolers

Democratic presidential candidate Sen. Bernie Sanders speaks during a campaign rally on Saturday in El Paso, Texas. Photo: Cengiz Yar/Getty Images

Democratic presidential candidate Sen. Bernie Sanders announced on CBS' "60 Minutes" Sunday a new plan to guarantee free child care and pre-kindergarten to all American children from infancy to age four.

Details: In the wide-ranging interview, Sanders told Anderson Cooper he planned to pay for universal childcare with a wealth tax. "It's taxes on billionaires," he said.

Exclusive: Trump's "Deep State" hit list

Illustration: Aïda Amer/Axios. Photos: WPA Pool/Getty Pool, Drew Angerer/Getty Staff

The Trump White House and its allies, over the past 18 months, assembled detailed lists of disloyal government officials to oust — and trusted pro-Trump people to replace them — according to more than a dozen sources familiar with the effort who spoke to Axios.

Driving the news: By the time President Trump instructed his 29-year-old former body man and new head of presidential personnel to rid his government of anti-Trump officials, he'd gathered reams of material to support his suspicions.