Although many things remain unclear about the Republican tax reform plan, we have an outline. The document released by GOP leadership in September had a few points that jumped out at readers. First, the top tax rate (families earning over $225,000) would fall from 39.6% to 35%. Corporate tax rates, currently set at 35%, would see the bottom fall out to 20%.
As members of President Donald Trump’s Cabinet have conceded, these changes to the tax code favor the wealthiest members of society. Six-figure salaries, corporate profits, and estates worth over $5 million do not burden middle-class Americans.
According to the the Institute on Taxation and Economic Policy, it would be a tale of two classes. The top 1% (those earning over $600,000) would see an average tax cut of $145,000. Americans earning less than $66,200 would get an extra $1,250. Financial analysts from the country’s top banks predict the plan would add over $4 trillion to the U.S. deficit in the next decade.
So who in particular would benefit from this change in policy? Many familiar faces from the financial pages — and a few from the White House — make the list. Here are 15 people guaranteed to cash in big from the GOP tax plan.
15. Gary Cohn
- Net worth: $285 million
After getting an offer to lead Trump’s National Economic Council, Goldman Sachs executive Gary Cohn abruptly left the investment bank. On his way out, Goldman sped up Cohn’s compensation schedule, so he could reap all future benefits before joining the White House. That $65 million exit, which increased Cohn’s net worth to $285 million, raised red flags among those already concerned about Cohn’s ties to Wall Street.
Cohn ended up writing the tax plan with Treasury Secretary Steven Mnuchin and Speaker Paul Ryan. Judging by Cohn’s investment income and general compensation, his tax plan would put millions in his pocket. Maybe that’s why Cohn stuck on Trump’s Economic Council despite the “enormous pressure” he felt to resign following the administration’s response to Charlottesville.
Next: One of the wealthiest members of Congress is a true fighter.