Back in September, when Republicans introduced the first look at their plan for massive tax reform, President Donald Trump insisted that his supporting it was selfless. “It’s not good for me, believe me,” he said.
But this wasn’t exactly true, as TIME explained then, and now that the bill has been written, nothing much has changed. The bill as it currently exists,
known as the Tax Cuts and Jobs Act,
overwhelmingly helps wealthy Americans like Trump.
It’s a big project:
the bill drops the number of tax brackets from seven to five, reduces taxes for most Americans, slashes the corporate tax rate from 35% to 20%, and gradually repeals the estate tax.
How Trump’s Tax Plan Would Benefit Trump
September 28, 2017
By John Cassidy