Top economic aide: Trump will be 'very flexible' on tax reform details

Top economic aide: Trump will be 'very flexible' on tax reform details
© Greg Nash

White House National Economic Council Director Gary Cohn said Monday that President Trump will be "flexible" on the details of the tax reform bill.

Cohn told a meeting of the American Bankers Association in Chicago that Trump wants a 20 percent target rate for corporate taxes and cuts for the middle class, The Washington Examiner reported.

The president will be "very flexible on everything else, cause he knows the importance of getting tax reform done," Cohn said.

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He added that the White House will be "more than flexible in working with the Senate and the House."

He called the goal to get tax reform passed this year "really ambitious" but added he thinks it's "really possible, and it's really essential."

Along with the proposed corporate tax cut, Trump and congressional Republicans are pushing a new tax framework that cuts the number of individual tax rates.

The plan has received praise from conservative groups and Republicans lawmakers, but Democrats have criticized the overhaul as a tax cut for the wealthy.

Conservative groups are going all out as they try to help congressional Republicans pass the legislation.

Senate Republicans are hoping to get the ball rolling this week. 

Trump on Monday described Democrats as obstructionists, tweeting that the party just wants "to increase taxes."

“Art Laffer just said that he doesn't know how a Democrat could vote against the big tax cut/reform bill and live with themselves! @FoxNews” Trump wrote on Twitter, referring to the economist. 

“The Democrats only want to increase taxes and obstruct. That's all they are good at!”

Senate Minority Leader Charles Schumer (D-N.Y.) on Monday blasted a White House report predicting a boost to wages from the corporate tax rate cut, arguing that the study uses "fake math."

"President Trump complains about fake news — this fake math is as bad as any of the so-called fake news he has complained about," Schumer said in a statement. "This deliberate manipulation of numbers and facts could lead to messing up the good economy the president inherited from President Obama and hurting the middle class."

The paper from Trump's Council of Economic Advisers argues that a proposal in the GOP tax framework to cut the corporate rate from 35 percent to 20 percent would, estimating "very conservatively," result in an increase in average household income of $4,000 per year.