Former Goldman President Gary Cohn Is Crafting Trump's "Phenomenal" Tax Plan

Tyler Durden's picture

First it was the Fed with constant jawboning that the next Fed rate cut is "just around the corner." Then it was OPEC, applying the same "spook the headline-scanning algos" strategy, arguably following Goldman's advice, repeating relentlessly that a production cut was imminent. Now, it is may be the White House's turn.

With concerns growing (but not too much based on the where the S&P is trading) rising about the lack of clarity of any of Trump's economic policies, but most of all his tax plan, a White House official told Bloomberg that President Trump's "phenomenal" tax plan is real, and that a concrete proposal  - headed by Trump's chief economic adviser, former Goldman president Gary Cohn - will be issued in the "next few weeks."

Bloomberg adds, citing the unnamed official, that congressional leaders have been consulted on the blueprint which is separate from Trump’s proposed budget.

Trump first mentioned the plan on Thursday in a meeting with airline executives, calling it "phenomenal" and saying it would be revealed in two to three weeks. White House Press Secretary Sean Spicer told reporters later that day that specifics would emerge only in the coming weeks. Still, he said the White House is at work on an outline of the most comprehensive business and individual tax overhaul since 1986.

Cohn said last week that he has been meeting with members of Congress and working on two key goals: cutting corporate income taxes and individual income taxes. He emphasized during a Feb. 3 interview with Fox Business News that he has been focused on tax cuts for low earners. “We’re not spending a lot of time with the high earners,” Cohn said during that interview.

Cohn also said during an interview on CNBC last week that all options for corporate tax reform are being considered, including the plan favored by House Speaker Paul Ryan that would cut the corporate tax rate to 20 percent and tax U.S. companies on their domestic income and imports, while exempting their exports and offshore income. That so-called “border-adjusted” plan has run into widespread opposition from retailers, oil refiners and other industries. Major exporters, including companies like General Electric Co., have expressed support.

* * *

Goldman or not, as we pointed out earlier, citing Richard Breslow, the limitations on Trump’s ability to singlehandedly adjust the system are now closely watched, especially after last night's Appeals Court ruling.

"This will embolden members of Congress to stand up to him if they don’t support his tax plan. And there appears to be many who don’t – even from his own party.

 

That puts further doubt on an already vague promise. No sign of details and no guidance on the timeline for implementation.

As Breslow accurately pointed out, "Trump’s immediate reaction to the legal decision -- “See you in court” – shows he is determined to fight this all the way up to the Supreme Court. This may distract him from the domestic economy."

Which means that in lieu of actual details and actions, the White House may have no choice but to engage in the same jawboning popularized by the Fed and OPEC: promise but rarely, if ever, deliver. Since Trump's tax cut proposal is arguably the single biggest driver of recent equity upside - and since the likelihood of it passing without major pushback especially now that the Senate may not be able to pass the Border Adjustment Tax - Trump's twitter account may soon be even busier.

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peddling-fiction's picture

The Levitical priesthood showing its power, and fine tuning the 24 Kohanic (priestly) gifts.

Gifts 15 to 24 are from outside Jerusalem.

SofaPapa's picture

"Did I say Drain the Swamp?  I'm sorry, I meant to say Reign the Swamp.  My bad."

peddling-fiction's picture

Take a look at all the Cohen (Levital Priest) name variations.

https://en.wikipedia.org/wiki/Kohen#Cohen_.28and_its_variations.29_as_a_...

Some one them will suprise you quite a bit.

BaBaBouy's picture

Good Fucking Luck With That ~ ~ ~

9 For Me, 1 For You ... 9 For Me, 1 For You ... 9 For Me, 1 For You ...

Joe Davola's picture

Dems won't work with him, repubs won't work with him - nothing will get "done"!

FreezeThese's picture
FreezeThese (not verified) BaBaBouy Feb 10, 2017 1:37 PM

Swamp drains into cabinet ... call a plumber

greenskeeper carl's picture

No shit. That swamp seems to be overflowing at this point. He may have run a bunch of obama's flunkies out of town, but he seems to be making up for it by backfilling said swamp with goldmanites.

Ghost of Porky's picture

"I'm the President. Brought to you by Goldman Sachs."

 

 

Got The Wrong No's picture

All you have to do to trigger the Trump dissenters is mention Goldman. Like a bunch of teenage girls every one joins in so they feel intelligent. Condemnation without facts is juvenile.  

chunga's picture

Goldman triggers a lot of people. This is the kind of shit that keeps me from getting all fired up and righteous about the minimum wage debate where those making the least are making too much.

I'm trying to stay positive but expect our taxes to go up and corp taxes will go down. Will the fine corporate citizens hire more people or pay better for those not at the top? I doubt it, they're building robots.

His name was Henry Paulson.

Stainless Steel Rat's picture
Stainless Steel Rat (not verified) chunga Feb 10, 2017 2:45 PM

Hear, hear!  His name was Henry Paulson!

Giant Meteor's picture

Heh, if you think that is YUUUGE, do a bit of fact checking on the don's former business ties to the dark lord himself, the Soro's.  For the most part I attempt to distance myself from Trump whining. But I ain't no fucking Trump cheerleader either and I voted for the guy.

For those that have not figured out "the game" well there is not much else to be said. I am not "against" Trump, but I do not blindly fucking cheerlead him either. Trump NEEDS calling out on a few things. Unfortunately the rhetoric is so extremely thick and heated coming out of BOTH camps, likely this shit show just continues melting down like snowflakes in June.

And another thing ...

For all the bitching and whining about democratic / liberal snowflakes, there seems to be an equal and opposite reaction of snowflake whining out of the other camp. The billionaire president does not need my defending. He's got that covered. What HE and ALL government executives, politicians, official and employees "need" is to be given props when THAT is called for, and chops when they're fucking up. Accountability, all that ..

As far as the Gold Man, Sacks, the nation, I believe this has already been well established. Big banks, banksters, Wall Street, the FED, runnin (or ruining) the entire world and shit ... F I N A N C I A L I Z A T I O N of the "global" e con omy ..

I don't believe that it would be rational to expect a favorable "middle class" rewrite of ANY rules, let alone tax code ...

But hell, if in fact I prove to be wrong, I'll take a full page ad out, in the New York Times and admit my error ..

or just post it here at ZH, whichever makes the most ecomomic sense, in the event an apology is even warranted ...

Countrybunkererd's picture

my vote went to him too, i am nervous too.  but seriously, when you need open heart surgery you get the best.  when you are audited by the IRS you call the best accountant you can, and so on.  GS gives me pause as soon as i hear it, but when you need a surgeon that can operate on your brain for the tumor that will kill you in a year or two, if his name is GS you DO IT.  BUT, wow is this not scary?  Hands down still better than the bitch/hitlery/haitithief

Silky Johnson's picture

If it makes you feel any better, if Cankles had won, the chief economic adviser would have still been Gary Cohn.

Only the most deluded and stupid think the teams actually change.

Countrybunkererd's picture

won't be the first time i have been called (implied) that i am stupid.  As if i give a crap... and time will tell if i AM a freaking idiot. Again, won't be the first time i was...but we covered that and, as if i give a crap. If the shitshow doesn't burn down, you might adopt this opinion.

Got The Wrong No's picture

As I expected. I have read the posts here at ZH for 7 years and learned many things. Lately, it has entered the realm of entertainment. Hate, Racism, Guilt by Association, Hypocrisy, and Delusional Intellectual Superiority. Hell, I can get that at Huff Post. Assumptions and lack of facts are not acceptable in Condemnation. When I see the TAX PLAN and have the FACTS, I then may join the condemnation, if the FACTS warrant. Until then you are dealing in Hyperbole. "Goldman" in the Headline was a trigger and the bait was gobbled up. The feeding of the guppies is complete. 

Countrybunkererd's picture

well, ZH is ZH.  I was reading here much longer than when i signed up but you should know that ZH is ZH if you have truly been here for 7 years.  This is like no other place you can find anywhere, or whatever (if you are under 30)

beemasters's picture

Are you having a fox guarding your hen house, by any chance?

By the time you SEE the tax plan and READ all the facts, it would have been too late to warn you. You must be a Nancy Pelosi supporter.

Got The Wrong No's picture

There is that delusional intellectual superiority that I was talking about. Pelosi, really??  Did that make you feel intelligent?? LMFAO

 

Warn Me?????? Fuck Off Ass Hole

beemasters's picture

Yeah, you seem like the kind who would be happy to pass the bill to know what's in it. No, it doesn't make me feel intelligent, but certainly makes you look stupid/naive to think Goldman isn't for Goldman.

Wall Street Pays Bankers to Work in Government and It Doesn't Want Anyone to Know
https://newrepublic.com/article/120967/wall-street-pays-bankers-work-gov...

Got The Wrong No's picture

I never said Goldman wasn't for Goldman. Take your assumption, your stupid/naive bullshit and shove them up you ass, Jackass.  I'm not going to jump the shark and condemn a tax plan before I see it just so I can say I told you so if Trump disappoints. You are condemning a plan before you see it. Now that's Pelosi stupid. I fully expect Trump to do as he said he would do. Give tax breaks to the people, reduce Corporate Tax rates and give an incentive to Corporations to repatriate offshore money. Personally I'm interested in what he is going to do with Capital Gains. If he doesn't deliver then I will condemn him. 

Goldman was a trigger and you delusional intellectually superior clowns fell for it.  Now what are you going to assume that will further make you look like a fool???

 

thesonandheir's picture

Watch AAPL stawk, they have $250bn or sumpin to bring back.

 

Not doing much today.

MFL5591's picture

If the tax sytem works again does it really matter who does the bill?

Hohum's picture

I HAD TO FILL IT TO DRAIN IT!  TRUMP

greenskeeper carl's picture

Kinda like having to pass the bill to see whats in it?

IronSights on'um's picture

Your new tax is...how much ya got?  Thanks Goy

38BWD22's picture

 

 

Cut taxes first.  Worry about BAT and lesser economic ideas later.

Better yet: change the taxation policies to something like a National Sales Tax, one tax and no nosy IRS snooping around our personal info.

Build the wall while you're at it.

 

peddling-fiction's picture

+1 38/22

One flat higher sales tax is all that is needed.

Out with the bean counters.

Turbo Tax is all that will be needed. The bean counters best migrate to the Cloud business.

saveUSsavers's picture

BULLCRAP lower incomes spend 50% income+ on FOOD compared to 20% upper incomes, you would need tax credits, we've been thru this a million times already for God's sake

greenskeeper carl's picture

You actually know someone who spends 50% of their income on food? Mindless hyperbole does not a good argument make...

Nobody For President's picture

As a matter of fact, Carl, I knowl several people that spend 50% or more of their income on food.

Try rubbing shoulder with some poor folks - start with divorced single mothers of two working minimum wage job(s) to get by.

Middle class foks (what' left of them), not so much. The 10% can eat out every night and still not hit 10% of their income...

MEAN BUSINESS's picture

It's not "mindless" greenskeeper, look at the username. It's FUD, fear uncertainty & doubt. X1,000,000.

It's not tax credits, it's a prebate. Fairtax.org

btw, Paul Ryan was recently chair of the WAY MEAN committee.

flaminratzazz's picture

FVK! I just waant to fvkin scream

Mena Arkansas's picture

Interesting. Do you think Rabbi Cohn will bring back ritual sacrifice? Will it involve tax cattle? Or maybe just your first born sacrificed to Baal.

Countrybunkererd's picture

why actually kill the... when you can make money off of it?  wow.  WE ARE A STUPID PEOPLE!!!!

HelluvaEngineer's picture

I wonder what other crap I'll now be forced to buy besides Obamacare?  Forced retirement contributions into shares of SRS and FAZ?

Giant Meteor's picture

Exactly, LOL is the only rational response. Its goona be YUUUUGE folks, really big ...

Wulfkind's picture

You stupid fucking cunts who voted for Lord High Maximus Orange Julius thinking he was going to "drain the swamp" .

A man who was born into Fed bux and uses Bernanke/Yellen/Goldmanite bux to fund his real estate scams and hires Goldmanites into his cabinet and you stupid fucks bought his bullshit.

And on top of that you dumb shits voted 90+% of the same swampsters back to Congress.

Yet Lord High Maximus Orange Julius (May His Name Be Praised Forever) is going to MAGA.

Hahahaa. ...LOL!

NidStyles's picture

Well, that is about what I expected. Now build that fucking wall and deport these invaders already.

 

Baby-steps goys.

847328_3527's picture

Lets get moving:

1) SowetoCare repeal at least parts of it;

2) lock her up;

3) build the wall;

4) new EO to protect Americans;

5) lock her up again;

6) energize local police forces so they don't stand by and watch innocent people beat up by Hillary/soros fanatics;

7) cut taxes on small businesses and the middle class;

8) lock soros up too.

 

The above will cover one days work at least!

Giant Meteor's picture

The wall is to keep you in ..

Its a cookbook!

DogeCoin's picture

Make America Goldman Again 2017!

IridiumRebel's picture

America has always been Goldman owned.

DogeCoin's picture

If I recall correctly, under Obama it was Citi who owned us.

YHC-FTSE's picture

(Don't get menstral, I don't down vote)

Citi got bailed out to the tune of almost half a trillion dollars between 2008 and 2013 shared between TARP, FDIC and the Fed., making Citi the Fed's bitch. Since the Fed is owned by the squid banks (JPM, GS, DB et al), one could say the Fed is Goldman's bitch. Certainly, the revolving door policy of employment between the squid bankers and the Fed/government players gives weight to this assertion.

Giant Meteor's picture

Sandy Weill, Travelers, Citi .. End of Glass Steagal ...

Boy oh boy did that shit ever pay off big ...

Sandy now says, or said not long ago, break up big banks  ..

Hollywood couldn't write this script ..

http://archive.fortune.com/magazines/fortune/fortune_archive/1997/04/28/...

NoWayJose's picture

Any plan from a Cohn-head will redirect Mass Quantities to Goldman!

The Wizard's picture

We'll never see a re-institution of Glass-Steagall. The one set of regs needed are the one's keeping the big banks under control. Those are the regs Cohn wishes to do away with.