White House National Economic Council Director Gary Cohn told CNBC on Friday the Trump administration is going to tackle tax cuts after repealing and replacing Obamacare.

"We're absolutely going to do taxes under reconciliation," a budget process that requires only a simple majority of votes in the Senate, Cohn said on "Squawk on the Street."

"We care about the deficit. We care about revenue," said Cohn, who left Goldman Sachs as the number two executive to join the Trump White House.

"We're going to have to be revenue neutral over a 10-year period. Yes, we're going to be able to use dynamic scoring," he said. "We are working on a bunch of interesting ideas."

Dynamic scoring allows officials to take into account how the economy would react to legislation when considering the cost and revenue effects.

"I really like this commitment to deficit neutrality over 10 years," JPMorgan Funds chief global strategist David Kelly told CNBC.

"If you do dynamic scoring honestly you can say that if you make certain changes in the economy even in the structure of taxes and that causes economic growth to accelerate, then you get some more revenue from that. And that can allow for some tax cuts," Kelly said.

But he added it's tough to get a "big bump" from a revenue-neutral plan.