Gary Cohn on Tax Cuts, Deficit, Deductions, Middle Class

The video discusses the impact of proposed tax cuts on the national economy, emphasizing a 10-year growth plan to offset deficits. It highlights the importance of upfront investment for long-term gains, despite short-term revenue losses. The plan aims to simplify tax filing by eliminating deductions, focusing on middle-class benefits. The discussion also covers the challenges of passing the plan through Congress and the potential impact on high-tax states.

What is the expected impact of a 1% GDP growth on the deficit over a 10-year period?

• It will have no impact on the deficit.

• It will increase the deficit by $3 trillion.

• It will decrease the deficit by $3 trillion.

• It will double the deficit.

What is the short-term effect of the tax plan on government revenues?

• It will stabilize revenues.

• It will decrease revenues initially.

• It will have no effect on revenues.

• It will increase revenues immediately.

What is one of the main goals of the proposed tax plan?

• To increase state and local tax deductions.

• To reduce the number of taxpayers.

• To lower tax rates for everyone.

• To increase the complexity of tax filing.

What is the stance on state and local tax deductions in the proposed plan?

• They will be doubled.

• They will be eliminated.

• They will remain unchanged.

• They will be increased.

What is the proposed method to simplify tax filing?

• Using a postcard-sized tax return.

• Eliminating all deductions.

• Increasing the number of tax brackets.

• Introducing a multi-page tax form.

How does the tax plan define the middle class?

• Individuals earning less than $30,000.

• Individuals earning over $200,000.

• Individuals earning between $60,000 and $160,000.

• Individuals earning between $20,000 and $50,000.

What percentage of American taxpayers pay about 80% of the taxes?

• 20%

• 50%

• 10%

• 30%