Trump advisor Cohn: Simplifying the tax code will tax the wealthy at a higher rate

Chief White House economic advisor Gary Cohn rejected arguments that the administration’s tax plan will benefit the wealthy most.

In fact, Cohn told CNBC that simplifying the tax code actually could mean higher earners would pay more.

“Simplification does not mean tax cuts for the higher end of the bracket. We can simplify and we can get rid of a lot of the deductions,” he said in a live interview Friday morning on “Squawk on the Street.” “Those deductions actually affect the high-bracket payers, so when you actually simplify that tax returns you’re actually affecting the high taxpayers the most.”