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Donald Trump.
- President Donald Trump reportedly wanted to raise the top individual income tax bracket to 44%.
- Former National Economic Council Director Gary Cohn reportedly talked him out of it.
- Their exchange on the topic was reported by journalist Bob Woodward in his upcoming book,"Fear: Trump in the White House."
- Business Insider obtained a copy of the book, published by Simon & Schuster and set to be released Tuesday.
President Donald Trump reportedly wanted to raise the top individual income tax bracket by more than four percentage points, but former National Economic Council Director Gary Cohn talked him out of it, according to journalist Bob Woodward's upcoming book,"Fear: Trump in the White House."
Business Insider obtained a copy of the book, published by Simon & Schuster and set to be released Tuesday.
The exchange reportedly happened as the two were debating tax reform legislation prior to its passage late last year. Trump insisted on having the top corporate tax bracket dropped to 15% from 35%, which Cohn said he would try to achieve.
Trump then offered a suggestion that could make it easier to drop the top corporate rate to 15%: Raise the top individual rate to 44% from 39.6%.
"I'll take the personal top rate to 44% if I can get the corporate rate to 15%," Trump said, Woodward wrote.
"Sir, you can't take the top rate up," Cohn reportedly responded. "You just can't."
"What do you mean?" Trump reportedly replied.
"You're a Republican," Cohn, a Democrat, apparently explained, adding that Trump would "get absolutely destroyed" if he raised the top rate.
Woodward, of Watergate fame, reported that Trump "seemed to understand" Cohn's point.
The 44% number was pushed publicly last year by former White House chief strategist Steve Bannon.
That didn't end up happening. Republicans dropped the top individual income tax bracket from 39.6% to 37% while dropping the top corporate tax rate from 35% to 21%.
Trump has attacked the book and challenged Woodward's credibility, citing a number of denials from top officials such as White House chief of staff John Kelly and Defense Secretary James Mattis, who said the scenes portrayed in the book are not accurate. Woodward has pushed back, saying the denials are being driven by political necessity and not the truth.
Here are more details from the book so far:
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