For someone with hundreds of millions of dollars, like ex-Goldman alumnus Cohn, $30 to $45k is a rounding error. But for a so-called financial wizard advising the government purportedly on how best to ‘help the middle class’, it’s revealing and super embarrassing that he overestimates the average household income by 26% and the average median income by 45%. Not credible leadership.
Economic advisor Gary Cohn told reporters on Thursday that a typical four-person American family bringing in $100,000 a year would save $1,000 under the Republicans’ proposed tax reform effort, which they could use to pay for a new car or a kitchen.
Economic adv. Gary Cohn: Typical family with 2 children earning $100,000 “can expect a tax cut of $1000.” #TaxReform pic.twitter.com/hIOoYigVhS
— Steve Herman (@W7VOA) September 28, 2017
In actuality, the average American family makes $74,000 a year before taxes, or about $26,000 less than that, according to the Bureau of Labor Statistics. The median American family income is roughly half of Cohn’s estimate, or only about $55,000.
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