The choice of Cohn and Mnuchin as the faces of Trump’s tax plan really says it all. Their former employer, Goldman Sachs, is already a champion tax dodger.
When Cohn stepped down as the bank’s president to join the administration, Goldman had $31 billion in untaxed offshore profits and 987 tax haven subsidiaries, according to the Institute on Taxation and Economic Policy.
If President Trump has his way, banks and corporations will enjoy a deep discount on such offshore funds if they shift them to the United States. While the Cohn-Mnuchin duo declined to say just how deep this discount might be, the plan Trump released during his campaign proposed a 10 percent tax “repatriated” earnings, less than a third of the current 35 percent corporate tax rate.
