Trump should not be president if his tax plan is not implemented, President Donald Trump’s top economic adviser Gary Cohn told reporters on Tuesday.
Cohn, who served under President George W. Bush and has been Trump’s chief economic adviser since early this year, was asked about Trump’s proposed cuts to corporate tax rates and the United States’ trade deficit with China, which could lead to a $2 trillion trade war.
The proposed corporate tax cuts would cost the economy $1 trillion over 10 years, according to a new report from the Congressional Budget Office.
But the Trump administration is expected to release its final plan to Congress later this month.
The administration’s proposal includes cuts to the corporate tax rate from 35 percent to 20 percent, a reduction in the estate tax to 20 from 35, and a cut in the corporate income tax rate to 20% from 35%.
The plan also includes a 20 percent cut in capital gains taxes, which would save the federal government $4.6 trillion over a decade, the CBO said.
The budget office estimated that the U,S.
trade deficit could be $2.6 to $4 trillion over the next decade.
“We have a trade deficit in goods with China,” Cohn said.
“So what we have to do is get that trade deficit down.”
Cohn also suggested that the Trump White House should fire U.K. Prime Minister Theresa May, who has repeatedly questioned Trump’s business interests in Britain.
“May has been an incredibly important partner in this administration, but it is also true that it is in the interests of the U of A and of the United Kingdom that the United Nations, and the international community, have a fair go,” Cohn told ABC News.
“It is the interest of the British people to have a functioning democracy, to have the U., the British parliament, have an opportunity to hear the views of their government, to get a say in this.”