The Trump administration “promised the tax cut would pay for itself, raise the growth rate, and increase business investment, and none of those things happened. Period”
’s former national economic adviser and ex Goldman Sachs president and chief operating officer, has kept an intentionally low profile since he left the White House in April 2018. Unlike, say,who after leaving the Trump administration returned to Goldman Sachs to serve on the Management Committee, no less, Cohn has had a harder time finding a new high-profile gig.
But it was when Axelrod asked Cohn about the consequences of the new tax law that their conversation really got interesting. Citing “critics,” Axelrod said that most of the money saved from cutting the corporate tax rate to 21% from 35% went to stock buybacks and paying higher dividends to shareholders rather than to paying higher wages or to greater corporate investment.
While Cohn conceded that corporate tax revenue was down $100 billion as a result of the Trump tax cut, he told Axelrod that what “drives me absolutely crazy” is when people fail to realize that tax receipts from individuals “are actually up.” Again, the facts, according to the CBO, are that individual income tax receipts for 2019 are expected to be $1.7 trillion, up $16 billion from 2018. Payroll taxes—as a result of higher employment and slightly higher wages—are expected to be $1.
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