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- President Donald Trump reportedly told friends at his swanky Mar-a-Lago resort “You all just got a lot richer,” hours after signing the GOP’s massive tax bill.
- Republicans have touted the measure as a boon to working class families, and Trump told supporters at a November rally that the bill would hurt him and other wealthier Americans.
- But an analysis from the non-partisan Tax Policy Center found that over time, corporations and wealthy Americans will see the most benefits from the tax code overhaul.
Hours after signing the GOP’s massive tax bill on Friday, President Donald Trump told friends at his Mar-a-Lago resort in Florida that they “all just got a lot richer,” CBS News reported.
In addition to regularly receiving Trump, his family members, and foreign diplomats, the swanky resort plays host to affluent clientele and has an initiation fee of $200,000 with annual dues of up to $14,000.
The $1.5 trillion tax bill Trump signed overhauls the tax code for individuals and businesses, eliminates the Affordable Care Act’s individual mandate, and opens parts of Alaska up to oil drilling.
The GOP has repeatedly touted the measure as a boon to working American families, and Trump called the tax cut bill the “biggest in history.” He also told supporters at a Missouri rally in November that the bill would hurt wealthier Americans.
“This is not good for me,” he said at the time. “Me, it’s not so – I have some very wealthy friends. Not so happy with me, but that’s OK.”
“You know, I keep hearing [Senate Minority Leader Chuck Schumer]: ‘This is for the wealthy,'” Trump added. “Well, if it is, my friends don’t know about it.”
While most Americans will see some kind of tax cut from the bill, the non-partisan Tax Policy Center estimates that over time, most benefits will skew toward wealthier Americans. According to a TPC analysis, 65.8% of the total federal tax benefit will eventually go to the top quintile of earners.
Critics of the bill, like Vermont Sen. Bernie Sanders, also pointed out that the legislation is more beneficial for corporations than for individuals.
During a Sunday interview on CNN, Sanders told “State of the Union” host Jake Tapper that tax cuts for the middle class were good, but that they should have been made permanent.
“But what the Republicans did is made the tax breaks for corporations permanent, the tax breaks for the middle class temporary,” Sanders said.