Trump’s economic advisor Gary Cohn said Thursday that an American family could save $1,000 under the Republicans’ proposed tax reform plan, and that would be awesome for the economy because they could buy a new car with that money.
“If we allow a family to keep another thousand dollars of their income, what does that mean? They can renovate their kitchen, they can buy a new car, they can take their family on vacation, they can increase their lifestyle,”
Fact Check: More than half of American families make $60,000 a year or less, according to a report from The Hamilton Project.
The report breaks it down even further, noting that 40 percent of families earn $40,000 or less a year and a remarkable 15 percent earn somewhere between $1 and $20,000 a year.
Fact Check: You can’t buy a new car for $1,000. (Not since 1922 anyway.)