Cohn, Mnuchin appear to differ on tax reform progress

The Trump administration is sending mixed signals on how far along negotiators are on a tax reform plan.

National Economic Council Director Gary Cohn said on CNBC Friday that only outlines have been set so far. That seemed to contradict Treasury Secretary Steven Mnuchin, who told CNBC Thursday “we have a very detailed plan” that would come out later in September.


Cohn described the current status of tax plans as a “skeleton and framework for what taxes need to look like,” which the administration and Congress will continue to flesh out.

President Donald Trump is scheduled to meet Tuesday with Cohn, Mnuchin and the rest of the "Big Six" negotiators — House Speaker Paul Ryan, Senate Majority Leader Mitch McConnell, House Ways and Means Chairman Kevin Brady and Senate Finance Chairman Orrin Hatch.

Cohn was on the same page as Mnuchin about what they say they want to achieve through tax reform: a simplification of the code, a lower tax burden for most Americans and higher wages for workers.

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When pressed on whether simplification of the tax code in reality meant tax cuts for wealthy Americans, Cohn argued instead that top earners could pay more due to the elimination of deductions.

“As you simplify the tax system, you actually reduce taxes on middle class income-payers and average Americans and you’re actually taxing the high-end at a higher rate,” said Cohn.

