US President Donald Trump told billionaire friends new tax law makes them richer: Report

December 24, 2017 6:30 am
President Donald J. Trump speaks to the media as he participates in a video teleconference call with military members on Christmas Eve in Palm Beach, Florida, December 24, 2017. (Photo by AFP)
US President told a group of his billionaire friends shortly after signing the historic US tax bill into law that they all became wealthier, a new report has revealed.
“You all just got a lot richer,” Trump said Friday at a dinner at Mar-a-Lago resort in Florida hours after signing the landmark bill into law, CBS reported Sunday, citing two friends at a table near the president’s.
Trump enacted his first major legislative accomplishment into law on Friday, two days after The Republican-led Senate on Wednesday approved the tax bill in a major political victory over Democrats.
The Republican head of state signed the massive $1.5 trillion tax bill shortly before departing for a year-end break at Mar-a-Lago.
The tax reform sees the top rate of income tax drop from 39.6 percent to 37 percent, a move that is expected to intensify criticism that renders it as overly generous to the wealthy and big business.
US President Donald Trump’s Mar-a-Lago Club in Palm Beach, Florida (Photo by AFP)
Democrats and tax experts say wealthy business owners, including Trump himself, stand to gain from a provision in the Republican tax bill that creates a valuable deduction for owners of pass-through businesses.
The provision creates a 20-percent business income deduction, with some limits, for sole proprietors and owners in partnerships and other non-corporate enterprises.
On September 13, long before the bill was even finalized, Trump said the wealthy was not going to benefit from the tax overhaul.
“The rich will not be gaining at all with this plan. We are looking for the middle class and we are looking for jobs — jobs being the economy,” he said then.
Sanders: Trump telling the truth
Reacting to the report, Senator Bernie Sanders of Vermont said in a tweet on Sunday that what Trump told his friends was true.
“At least Trump is finally telling the truth about his tax bill,” Sanders tweeted.
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