04/12/2017

What The Heck Is Gary Cohn Doing In The Trump White House? [Watch]

Liz Peek, Fox News

Conservatives wonder: what the heck is Gary Cohn doing in the Trump White House? Cohn, a life-long Democrat and latecomer to the Trump train, is White House Economic Council Director. The former president of Goldman Sachs is reportedly ascendant, while Steve Bannon, Peter Navarro and Stephen Miller see their stars fading. This is not good news for Trump supporters, or for the GOP.

Donald Trump was elected by angry Americans: people furious at Obama’s progressive agenda, incensed that China was stealing our jobs and disgusted by milquetoast Republicans who had not delivered on campaign promises to ditch Obamacare, curb illegal immigration and spur faster economic growth. Trump voters were fed up with Obama’s global ambitions and celebrated his America First message.

His backers didn’t care that Trump knew little about policy or Washington; he was in a sense an empty vessel when it came to translating common sense ideas into legislation and regulations. Now, though, they see that vessel being filled in part by individuals who do not share their views. One of those is Gary Cohn, who has emerged as a powerful but discordant voice.

Democrats and the mainstream media have rejoiced as they have watched Cohn, along with Jared Kuschner, his wife Ivanka Trump and former Goldman Sachs partner Dina Powell, soften White House policy on issues such as cutting regulations, immigration enforcement and Obamacare repeal.  

When Gary Cohn recently lofted the possibility of bringing back Glass-Steagall, the Depression-era law that allowed big banks to engage in investment banking, Senator Elizabeth Warren was reportedly giddy with joy

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Thanks to "bracket creep," the inflation of the 1970s pushed millions of taxpayers into higher tax brackets even though their inflation-adjusted incomes were not rising. To help offset this tax increase and also to improve incentives to work, save, and invest, President Reagan proposed sweeping tax rate reductions during the 1980s. What happened? Total tax revenues climbed by 99.4 percent during the 1980s, and the results are even more impressive when looking at what happened to personal income tax revenues. Once the economy received an unambiguous tax cut in January 1983, income tax revenues climbed dramatically, increasing by more than 54 percent by 1989 (28 percent after adjusting for inflation).

 

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