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Gary Cohn had an awkward moment when CEOs appeared to shoot down one of the biggest arguments for the GOP …

Gary Cohn had an awkward moment when CEOs appeared to shoot down one of the biggest arguments for the GOP … Business InsiderTax reform: It's now or never says White House adviser Gary Cohn KITV HonoluluCEOs: Tax Cuts Won't Prompt Them To Invest More Mother JonesFull coverage

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gary cohn
Gary Cohn, the National
Economic Council director.
Getty
Images/Pool

  • The Trump administration has argued that the proposed
    GOP tax cuts will lead to a boom in private
    investment.
  • During an event with the top White House economic
    adviser, Gary Cohn, CEOs were asked whether they would increase
    investment if the GOP's tax overhaul passed.
  • Few did, prompting Cohn to ask, "Why aren't the other
    hands up?"

A group of CEOs on Tuesday appeared to cast doubt on one of the
White House's biggest arguments for overhauling the tax code —
right in front of the economic adviser Gary Cohn.

At a meeting of The Wall Street Journal's CEO Council, an
interview with Cohn — the National Economic Council director who
previously worked as an executive at Goldman Sachs — prompted
discussion about the amount of investment the GOP tax bill,

the Tax Cuts and Jobs Act
, would generate.

Republicans and the Trump administration have argued that tax
cuts for businesses would lead
companies to investment more
and raise wages for workers.

The moderator then asked those in attendance whether they were
planning to increase their business investment if the tax bill
became law. The CEOs in attendance did not seem to be on the same
wavelength as Cohn.

While there was a smattering of raised hands in the auditorium,
it was clearly not as many as Cohn would have liked.

"Why aren't the other hands up?" Cohn asked before moving on to
another question.

Democrats and other
critics of the tax bill
have said that the Trump
administration grossly overstates the potential economic boost
from the cuts and that actual increase in investment would not be
as substantial as predicted.

You can watch the exchange here:

1. Tax-overhaul backers say corporate rate cut will encourage investment by businesses
2. During #wsjceocouncil interview with Gary Cohn, WSJ asks CEOs to raise hands if they'll boost investment if rates cut
3. Few CEOS raise hands
4. Cohn asks: "Why aren't the other hands up?" pic.twitter.com/5PI60NlW0A

— Tim Hanrahan (@TimJHanrahan) November 14, 2017

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