Cohn Says US Tax Reform Happening in September

Tax reform is coming in September, regardless of what happens with health care, says Gary Cohn, director of the National Economic Council.

President Donald Trump has promised tax reform since taking office in January, but some have questioned whether he can accomplish it this year, especially if Congress’ attempts to repeal and replace the Affordable Care Act fail. Cohn dismissed concerns, telling MSNBC on Thursday that the White House will “absolutely” get tax reform done.

“We were going to get to tax reform if this passes or it doesn’t pass,” Cohn said, referring to the Senate’s health-care bill. “We are on a tax reform agenda when we come back in September when the August recess is over. We will be 100 percent engaged in tax reform.”

The two areas Cohn said the administration has to work on to grow the economy are the tax code and regulations.

He also pushed back at criticism that the Trump administration’s goal of reaching 3 percent GDP is unrealistic. Shortly before Cohn’s interview aired, the Commerce Department released figures showing GDP increased at a 1.4 percent annual rate.

“We do not think 3 percent GDP is that lofty of a goal,” Cohn said. “We think we’re setting very realistic expectations.”

via CNBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza