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.