Gary Cohn

Hedge fund executive Scott Bessent, Apollo Global Management executive Marc Rowan and former Federal Reserve Governor Kevin Warsh remain among the leading contenders for the post.

President Trump’s former top economic adviser said trade disputes could wipe out the benefits of the tax cuts Congress passed last year and may trigger an economic slowdown.

New Jersey’s governor-elect joined a chorus of leaders in Democratic states who are proposing workarounds for their residents to avoid new caps on state and local tax deductions—even as a top Trump administration official suggested the federal government might act to limit such strategies.

The Trump administration may try to block potential plans by high-tax states including New York and California to shield residents from state and local tax break changes, according to White House economic adviser Gary Cohn.

President Donald Trump declared that Republicans had passed the largest tax cut in U.S. history and said corporations would no longer relocate their headquarters overseas after the House sent the legislation to his desk on Wednesday.

White House economic adviser Gary Cohn said he was dumbfounded by the unpopularity of the Republican tax bill, and claimed that President Donald Trump fought unsuccessfully to strip a provision that mostly benefits wealthy investors.

Republicans are on the brink of passing the most extensive rewrite of the U.S. tax code in more than 30 years—but it’s not yet clear when President Donald Trump will actually sign the bill.

The dearth of Republicans representing New York in Congress is partly to blame for the proposed eliminations of state and local tax deductions that will dramatically impact the state, said Jim Tisch, chief executive officer of Loews Corp.

The White House supports tweaking final tax legislation to appease lawmakers who want to let constituents deduct state income taxes, according to National Economic Council Director Gary Cohn.

Major companies including Cisco Systems Inc., Pfizer Inc. and Coca-Cola Co. say they’ll turn over most gains from proposed corporate tax cuts to their shareholders, undercutting President Donald Trump’s promise that his plan will create jobs and boost wages for the middle class.