After signing the GOP’s large tax bill this week, U.S. President Donald Trump told his friends that they “all just got a lot richer,” at the Mar-a-Lago in Florida.
The resort has an initiation fee of $200,000 with an annual fee of up to $15,000 apart from catering the president and his family. The resort hosts diplomats and other high profile members of the society that can meet the president in a private setting, while the masses can’t.
CBS tried to reach the White House, but no official comments have been made on the president’s statement.
The tax bill is one of the largest makeovers of the current system and it is one of his first legislative accomplishments as well, says the White House. Though Trump says the bill is going to benefit American throughout, according to CBS, it will simply benefit the rich only.
“Critics point out that some aspects of the GOP tax overhaul, such as the doubling of the cap for the estate tax break and lowering of corporate and S-corporation taxes, disproportionately benefit the most affluent Americans,” writes Kathryn Watson.
Meanwhile, Trump has not been very bright when it comes to sticking with the points that were carefully written for him. During his speech at the cabinet meeting, Trump referred to cut the corporate taxes, dropping them from 35 % to 21 %. When the bill was being signed, he claimed it would help everyone:
“We will sign this right now. This is something I am very proud off, great for our country, great for the American people.”
Even though Trump claims that “the rich will not be gaining at all with this plan” and that “we are looking for the middle class and we are looking for jobs – jobs being the economy”, experts insist the bill will help Trump save more than $10 million, making the rich richer.
The Tax Policy Centre analyzed the GOP tax bill and found this:
People with income less than $25,000 a year would receive a tax break of $60, increasing after tax incomes by 0.4%. People with income from $49,000 to $86,000 would receive a tax break of $930, increasing after-tax incomes by 2.9%.
People with income of $149,400 and above would receive a tax break of $7,640, increasing after-tax incomes by 1.6%. People with income from $308,000 to $733,000 would receive a tax break of $13,480, increasing after-tax incomes by 4.1%.
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