Trump: 'I don't benefit' from GOP tax reform plan

Key Points
  • President Donald Trump said the newly released Republican tax plan would not personally benefit him.
  • But a number of provisions already in the framework could save Trump and his company millions in taxes.
Trump says he wouldn't benefit from tax reform
Trump says he wouldn't benefit from tax reform

President Donald Trump on Wednesday said he would not personally benefit from the Republican tax reform plan unveiled Wednesday.

"I don't benefit, no," Trump replied to a reporter who asked him whether he would get a tax cut under the current framework. "My plan is for the working people, and I think very, very strongly, there's very little benefit [in it] for people of wealth."

But economists and tax experts disagreed.

"The idea that this plan would help average Americans instead of the wealthy and big corporations has been a hoax all along," Frank Clemente, executive director of Americans for Tax Fairness, told CNBC's Ylan Mui. Clemente called the plan "a big giveaway to millionaires and corporations."

And while a number of details of the plan remain to be hammered out, the initial framework contains a number of provisions that, on their face, appear to benefit either business owners or the wealthiest Americans -- Trump is both.

These include a reduction of the top individual tax rate, a repeal of the estate tax, and a massive reduction in the corporate tax rate.

Trump, the billionaire owner of a family real estate corporation, has boasted for years about how little he manages to pay in taxes, thanks to savvy accounting practices.