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.

President Donald Trump is confident that House Republican leaders have the votes to pass their version of a tax overhaul, and he’ll thank members of the GOP conference and field their questions on a visit to the Capitol this morning, a senior administration official said.

House Republicans should slow down their consideration of a tax-overhaul bill after investigative reports Sunday alleged offshore tax-avoidance by U.S. multinational companies including Apple Inc. and Nike Inc., congressional Democrats and tax-advocacy groups said.

The House tax bill released Thursday preserves the carried interest tax break—paid to private-equity managers, venture capitalists, hedge fund managers and certain real estate investors—despite President Donald Trump and GOP leaders’ promise to do away with loopholes for the wealthy.

Treasury Secretary Steven Mnuchin got a swift rebuttal after he went on national television to claim a hypothetical Indiana family would save $1,000 under President Donald Trump’s tax plan.

House Speaker Paul Ryan said Friday that Republicans will include a fourth income tax bracket in their tax-overhaul plan so that top earners "do not see a big rate cut."

Tax cuts and deregulation can help the U.S. economy grow faster than the recent pace of about 2 percent, National Economic Council Director Gary Cohn said.

The White House is showing “softness” on ending a $1.3 trillion federal tax deduction filers get for their state and local taxes, Senator Bob Corker said Monday, warning that it raises questions about the GOP’s “intestinal fortitude” and could imperil a tax overhaul.

Trump isn’t tied to eliminating the break, which is popular in states with high rates, like New York, New Jersey and California.

The Trump administration’s tax overhaul plan bears little resemblance to the reform efforts of the 1980s and wouldn’t do much to boost U.S. economic growth, former Treasury Secretary Lawrence Summers said.

President Donald Trump brought his pitch to overhaul the tax code to North Dakota on Wednesday with an unlikely guest in tow: the state’s Democratic senator, Heidi Heitkamp.