White House Press Secretary Sarah Sanders claimed that President Donald Trump could lose a lot of money because of the Republican Tax Reform bill even though many of the loopholes favor the wealthiest Americans.
Sanders was asked by a reporter about Trump’s claims that the tax bill was going to cost him “a lot of money.”
“It likely will, certainly on the personal side, could cost the president a lot of money,” Sanders claimed. “The president’s focus hasn’t necessarily been at all on himself.”
Sanders was told by the reporter that Trump would “make money” from top-rate tax reductions, pass-through reductions for real estate investors and the doubled estate tax exemption in the tax bill.
In response, Sanders falsely claimed that the tax bill was going to benefit all Americans:
Look, again, this is a tax plan that we hope benefits all Americans primarily. And priority number one is middle-class Americans. That has been this administration’s focus. We feel like that is certainly addressed.
Mother Jones notes that the GOP tax bill gives enormous breaks to the rich at the expense of middle-class and lower-income Americans:
The bill will add $1.5 trillion to the deficit over the next decade, with most of that money going toward tax cuts for corporations and the richest Americans. The bill reduces the top income tax rate from 39.6 percent to 37 percent and cuts the corporate tax rate from 35 percent to 21 percent.
Most Americans will receive some form of tax cut in the early years after the bill becomes law, but the biggest benefits go to wealthier Americans.
After 2025, the individual tax cuts will expire, at which point, according to the Tax Policy Center, lower-income families would actually face a tax increase compared to current law.
The middle class would largely see no benefit, while the wealthy would still come out ahead.