Trump: 'The rich will not be gaining at all' with my tax reform plan

Key Points
  • President Donald Trump says wealthy Americans will not be gaining "at all" from the Republican tax-reform plan.
  • Most analyses of the plan Trump ran on as a candidate said it would benefit rich Americans.
Trump: 'The rich will not be gaining at all' with my tax reform plan

President Donald Trump on Wednesday claimed rich Americans "will not be gaining at all" from the tax reform plan that Republicans hope to pass this year.

"I think the wealthy will be pretty much where they are. ... If they have to go higher, they'll go higher, frankly," the president said during an afternoon meeting with bipartisan members of Congress amid a recent string of outreach to Democrats.

GOP congressional leaders are working to draft tax legislation and aim to introduce it in the coming weeks. Overhauling the American tax system was a key goal of the Republican government when Trump won the White House and the GOP held both chambers of Congress last year.

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Many tax policy analysts and Democrats would likely meet Trump's Wednesday assertion with skepticism based on details released so far. The president's campaign proposal, which broadly chopped income tax rates and the tax burden for businesses, would in fact give a boost to wealthy Americans, according to most analyses.

Sen. Ron Wyden, D-Ore., the ranking Democrat on the Senate Finance Committee, joked in a tweet that Trump's tax plan not helping the rich was like the senator playing professional basketball.

Wyden tweet: Right, and next year I'm playing in the NBA

Trump is aiming to win support for the GOP tax plan from Democrats, many of whom have argued that reform should not include major tax cuts for wealthy Americans.

The White House and GOP lawmakers have released few details of their plan beyond a one-page outline earlier this year.

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