President Trump kicked off his holiday weekend at Mar-a-Lago Friday night at a dinner where he told friends, "You all just got a lot richer," referencing the sweeping tax overhaul he signed into law hours earlier.— Stephanie Ruhle (@SRuhle) December 24, 2017
Despite facing massive opposition from the Democrats, the Republicans succeeded in passing the disastrous tax bill that will cut taxes mainly for corporations and the richest of the rich.
President Donald Trump took no time moving ahead with the massive tax cut legislation and signed the bill before leaving for his Christmas break at the “Winter White House,” Mar-a-Lago, in Florida.
Just hours after signing the bill, Trump reportedly told his “rich friends” at a dinner at his private club: “You all got a lot richer.”
However, the comment made by Trump contradicts his claim that the bill would benefit everyone.
“It’s going to be a tremendous thing for the American people. It’s going to be fantastic for the economy,” he told reporters at the Oval Office while signing the bill.
Trump’s comments to his friends also contradict what the White House suggests: the middle class would benefit from the tax cut.
Reports also showed the bill is less likely to help average Americans and the rich are said to be the real winners.
The GOP bill dramatically slashes the corporate tax rate to 21 percent from 35 percent and it will be permanent. In contrast, Tax Policy Center found nearly half of all American taxpayers, 53 percent, will be paying more under the Republican bill than they are now by 2027.
The bill is also not very popular among average people as a poll, before the tax cut vote, found more people have developed a dislike for the new tax bill over the past two months. Only 24 percent of Americans polled said it was a “good idea,” while 41 percent believed it was a “bad idea.”
Republicans also claim a typical family of four earning the median family income of $73,000 will receive a tax cut of $2,059.
However, the claim is slightly misleading.
"While that’s true in the first year, the tax cut diminishes over time and ultimately disappears altogether in 2025, when Republicans sunset almost all the individual tax relief provisions,” explained Vox’s Tara Golshan.
Trump and some people of his camp are also expected to save millions under the new bill.
An analysis by The Center for American Progress, a Washington think tank, revealed Trump and six members of his inner circle will be the actual beneficiaries of the tax bill.
Under the new law, Trump is estimated to save about $11 million to $15 million annually. In fact, his heirs are also going to benefit from the new tax bill. An amendment to the estate tax is expected to save nearly $4.5 million to his inheritors.
Looks like Trump’s first legislative win is set to make the lives of average Americans harder because Republicans are misleading people of the U.S. when they say their historic bill would raise wages, boost economic growth and reduce taxes for middle-class families.
“I have some very wealthy friends -- not so happy with me” - Trump to voters at a Missouri rally— Adam Best (@adamcbest) December 24, 2017
"You all just got a lot richer” - Trump to wealthy friends at Mar-a-Lago
This GOP tax bill was a scam to hoodwink average folks, hook up the wealthiest Americans. This proves it.
“You all just got a lot richer,” Trump said to friends during dinner at Mar-a-Lago Friday night. He was talking about his tax scam he had just signed into law. What a shady grifter & pathological liar.— Scott Dworkin (@funder) December 24, 2017
"You all just got a lot richer," President Trump told friends dining at Mar-a-Lago Friday night.— Brian Krassenstein?? (@krassenstein) December 25, 2017
I'm so happy that all those middle and lower class Mar-a-Lago members who pay a $200k annual membership are saving on their Taxes.
Make America Great Again!
Thumbnail Credits : Reuters, Jonathan Ernst