Gary Cohn: We want home ownership in America and to protect mortgage interest deductibles

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In an interview on FOX Business Network’s (FBN) Varney & Co.(weekdays, 9a –12p/ET), White House Economic Council Director Gary Cohn discusses the latest surrounding tax reform and addresses the rumors that he is only staying on President Trump’s administration in order to get tax reform done.

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Excerpts from the interview are below:

On rumors that he is only staying in President Trump's administration in order to get tax cuts done:

"Look, tax cuts are really important to me. I think it's a once in a lifetime opportunity. We haven't done tax cuts in 31 years. So to be a part of an administration that gets something done that hasn't been done in 31 years is enormously challenging, enormously interesting to me. So, yes, I am very excited about being part of that team that is able to work on something that is that important and I think that important to our economy and that important to this country."

On whether he will end the deductibility of state and city income taxes:
"Look, that's clearly on the table. When the president talks about simplification of the tax code and closing loopholes, that is one of the simplifying effects and that is one of the loopholes that is on the table. "

On lowering the corporate tax cut rate down to 15 percent:

"The president talked about 15, the president wants us to work to do everything we can to get it down to 15. We’re going to do everything we can to get as low as we can. We're going to try to the best of our ability to get it as low as we can. The president has told us what he would like."

On whether we are going to get a tax cut done this year:
“Stuart, look, we are spending 100% of our time on the economic side on taxes. Obviously we're spending a lot of our time on Harvey and other things, but on the economic side we are spending all of our time on taxes, tax reform, tax simplification.  We believe this is the most important thing we can do to drive the U.S. economy, drive economic growth, drive prosperity, and drive wages."

b>On whether he is going to change the deductibility of mortgage interest:
“As we've told you, no. We want home ownership in America and to protect mortgage interest deductibles. “

He calls mortgage tax dedication one of the three core fundamentals for American citizens. No mention of Fannie Mae

On the other hand, Cohn says everything is on the table with local and state tax cuts

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