- President Donald Trump reportedly wanted to raise the top individual income tax bracket to 44%.
- Former National Economic Council Director Gary Cohn reportedly talked him out of it.
- Their exchange on the topic was reported by journalist Bob Woodward in his upcoming book,”Fear: Trump in the White House.”
- Business Insider obtained a copy of the book, published by Simon & Schuster and set to be released Tuesday.
President Donald Trump reportedly wanted to raise the top individual income tax bracket by more than four percentage points, but former National Economic Council Director Gary Cohn talked him out of it, according to journalist Bob Woodward’s upcoming book, “Fear: Trump in the White House.“
Business Insider obtained a copy of the book, published by Simon & Schuster and set to be released Tuesday.
The exchange reportedly happened as the two were debating tax reform legislation prior to its passage late last year. Trump insisted on having the top corporate tax bracket dropped to 15% from 35%, which Cohn said he would try to achieve.
Trump then offered a suggestion that could make it easier to drop the top corporate rate to 15%: Raise the top individual rate to 44% from 39.6%.
“I’ll take the personal top rate to 44% if I can get the corporate rate to 15%,” Trump said, Woodward wrote.
“Sir, you can’t take the top rate up,” Cohn reportedly responded. “You just can’t.”
“What do you mean?” Trump reportedly replied.
“You’re a Republican,” Cohn, a Democrat, apparently explained, adding that Trump would “get absolutely destroyed” if he raised the top rate.
Woodward, of Watergate fame, reported that Trump “seemed to understand” Cohn’s point.
The 44% number was pushed publicly last year by former White House chief strategist Steve Bannon.
That didn’t end up happening. Republicans dropped the top individual income tax bracket from 39.6% to 37% while dropping the top corporate tax rate from 35% to 21%.
Trump has attacked the book and challenged Woodward’s credibility, citing a number of denials from top officials such as White House chief of staff John Kelly and Defence Secretary James Mattis, who said the scenes portrayed in the book are not accurate. Woodward has pushed back, saying the denials are being driven by political necessity and not the truth.
Here are more details from the book so far:
- Trump hits back at bombshell Bob Woodward book, calls it ‘just another bad book’ and claims Woodward has ‘had a lot of credibility problems’
- Woodward’s book reportedly spurred Trump to look to replace Mattis – here’s who’s at the top of that list
- ‘It’s either that or an orange jumpsuit’: Explosive Bob Woodward book reportedly recounts Trump’s lawyer’s effort to keep him from interviewing with Mueller
- Trump denied calling Jeff Sessions – or anyone – ‘mentally retarded,’ but old records show he has
- Ivanka Trump and Steve Bannon reportedly clashed over proper White House protocol, and she told him ‘I’m not a staffer! … I’m the first daughter’
- Trump reportedly told Mattis that he wanted to assassinate Bashar al-Assad after his chemical weapons attack on Syrians last year
- Gary Cohn reportedly snatched documents off Trump’s desk to prevent him from wrecking 2 massive trade deals
- John Kelly was reportedly enraged with Trump over his handling of Charlottesville, said he would have taken a resignation letter ‘and shoved it up his arse 6 different times’
- Trump has reportedly said that his speech after the deadly white supremacist rally in Charlottesville was the ‘biggest f—ing mistake’ he’s made
- 6 alarming passages from Bob Woodward’s book show Trump’s inability to properly lead the military
- Trump thanks Kim Jong Un for ‘unwavering faith’ with his own White House in open mutiny
- Trump reportedly went to extraordinary and unusual lengths to console grieving military families
- Bob Woodward book says Trump offered advice to a friend who admitted ‘bad behaviour’ toward women: ‘Deny, deny, deny’
- Bob Woodward book: Trump told Gary Cohn he ‘hired the wrong guy for Treasury secretary’ right in front of Steven Mnuchin
- Bob Woodward’s book lays out how one New York Times story changed the entire course of the Trump campaign
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