For months, President Donald Trump has pushed Republicans in Congress to cut taxes for the rich as part of his much touted and tweeted tax reform. There is no doubt he wants these cuts for the wealthy, even at the cost of others. For example, Trump wants to reallocate money slated to help lower-income Americans purchase health insurance.
And for months he has insisted that either proposed Republican tax plans, one in the House and the other in the Senate, will not benefit him. Now, a new analysis shows that the opposite is true.
“It’s not good for me. Believe me,” he said to a crowd in Indiana on September 27. He was selling them on his tax reform plan. “My plan is for the working people, and my plan is for jobs. I don’t benefit,” he also said that day.
President Trump on tax reform: "My plan is for the working people, and my plan is for jobs. I don't benefit" https://t.co/fEW6Y8FRft
— NBC Politics (@NBCPolitics) September 27, 2017
Then NBC News reported last week that Trump told a group of Democratic senators in a phone call, “My accountant called me and said ‘you’re going to get killed in this bill.’”
Either Trump is lying, or his accountant is, as an analysis of Trump’s one known 2005 tax return and his estimated net worth shows that Trump and his heirs stand to save more than $1 billion overall under the GOP tax bill that House of Representatives just passed on Thursday. Most of that comes from the proposed repeal of the estate tax. More immediately though, Trump would save more than $20 million for himself.
That doesn’t seem like Trump would get “killed” by the tax cuts, yet it does clearly indicate that Trump will benefit from the tax reform he is excited and eager to sign into law.
Why are Democrats fighting massive tax cuts for the middle class and business (jobs)? The reason: Obstruction and Delay!
— Donald J. Trump (@realDonaldTrump) November 16, 2017
Big win today in the House for GOP Tax Cuts and Reform, 227-205. Zero Dems, they want to raise taxes much higher, but not for our military!
— Donald J. Trump (@realDonaldTrump) November 17, 2017
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