Gary Cohn’s one thing to change on tax cuts

Gary Cohn’s one thing to change on tax cuts, by Dan Primack.

Chief economic advisor to President Donald Trump

If Gary Cohn could change one thing in the tax bill, it would be to have closed the carried interest loophole, he told Mike Allen at an Axios event on Wednesday. Cohn believes it is fundamentally unfair, and adds that President Trump agrees with him. “We probably tried 25 times… The President asked just this past Monday if we could still get rid of it.”

Cohn said the Reagan [update] tax cuts were followed by other countries also lowering their rates, thus reducing their effectiveness. “This would be a failure if we don’t capitalize on our competitive opportunity and let the rest of the world catch up to us.” …

Cohn does not believe tax reform is baked into the stock market. As proof, he claims that a basket of high-tax stocks aren’t outperforming a basket of low-tax stocks. Instead, he believes the boom is tied to strong economic growth and that there is plenty of room for more public equities expansion. …

Cohn claims that 90% of individuals will be able to file their taxes via postcard, which is a very heady prediction.