Trump adviser says he can't guarantee middle class families won't see tax increase under new plan

In an interview with ABC News' George Stephanopoulos, President Trump's top economic adviser, Gary Cohn, says that the administration's tax plan aims to help the middle class and that the wealthy won't get a tax cut.
5:39 | 09/28/17

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Transcript for Trump adviser says he can't guarantee middle class families won't see tax increase under new plan
Let's talk to the top economic advise Gary Cohn. Let's talk taxes. Right now everybody wants to know what it's going to mean for them. Cut middle class families watching now a family of four earning $55,000 how much they'll save under the president's plan. George, thank you for having me. First let me extend our sympathies to all the families in Puerto Rico dealing with what they're dealing with. Our tax plan is purely aimed at middle class families. A typical family of four earning $55,000 is going to have a substantial tax decrease. That family could expect something in the neighborhood of $650,000 -- I'm sorry $650 to a $1,000 tax decrease. Every tax situation is different. We are really solving for the middle class. Everything we have done in this tax plan is for the middle class. You say that $650 I wonder how uh I don't get that number. The plan doesn't show how big the plan would be. In New York the city of New York says nearly half the middle class families earning between 50 and $75,000 will get an increase because you eliminate the deduction of state and local tax taxes. If you look at the reality of the country as a whole, less than 25% of the families itemize. Only the people that itemize today less than 25% of the family itemize they're the only ones taking a deduction for the state. We're solving for the greater good of the country. You have to look at what we did in the entirety. We doubled the amount of income that people can keep at 0 tax rate. That's a substantial thing. We lowered the 15% tax rate to 12%. When you look at the first couple tax rates and how much money you can keep at 0 and 12 we've done a substantial thing. Then we're increasing the child care credit. People will get a much larger credit. That credit is deducted directly from your tax liability. But you're not saying how much you'll increase it. If I'm hearing you cell, you can't guarantee no middle class families will get a tax increase, correct. George there's an exception to every rule. That's a yes? I can't guarantee anything. You can always find a unique family somewhere. What we've been working on in the white house is create an economic stimulus package to to drive the economy of the united States. That's what the president ordered us to do and we're doing it. The president said he will not get a tax cut under the plan. He said you won't get one as well. Look at the front page of "U.S.A. Today." If you're eliminating the estate tax, cutting capital gains and income that means millions of dollars for the president of the United States. George, you've got to look at the plan in its entirety. On one hand you're talking about people that@ are raising their taxes because -- Right middle class people and cuts for the wealthy. On the other hand you're talking about wealthy getting a tax cut because of the standard deducti deduction. Someone in New York we're eliminating the tax for the wealthy. That costs them 5%. If we eliminate from 39.6 to 35 and the 5% you lose from the deduction you're well over 40% on your federal taxes in new York. That does not sound like a tax cut to me. That's before the real estate tax component. You've got to look at the plan. I am looking at the whole. We also put the ability for congress to put a fourth tax rate in place. A fourth tax rate on wealthy Americans very high earners if we need to take more money from high earners and transfer to middle class Americans to make sure middle class Americans are getting a tax cut we've given congress the ability to do that. All that means millions of dollars in tax cuts for president trump. He says believe me I won't be getting a tax cut. Can you guarantee president trump won't get a tax cut under this plan? George, when we looked at the tax plan and looked at what it does for Americans we're confident Americans are getting a great deal here. Wealthy Americans are not getting a tax cut. We have designed a tax plan that will stimulate the economy. We want every day hard working Americans to have more money in their paycheck. Your audience watching TV now getting ready to go to work we want to put more money back in their paycheck. Will the wealthy get a tax cut or not? The wealthy are not getting a tax cut under our plan. That's not the evidence so far. There are a lot of details to come. Congress has to deal with it. Mr. Gary Cohn thanks for joining us.

This transcript has been automatically generated and may not be 100% accurate.

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