President Donald Trump claimed that the Republican tax plans in Congress would “cost me a fortune.” He has offered no proof of that, and it’s highly doubtful. Several provisions of the tax bills would benefit wealthy individuals like Trump.
This isn’t the first time that the president has claimed that a tax overhaul wouldn’t be good for him, or the wealthy, despite analyses of the tax plans that show most of the benefits accruing to the top income earners. But we can’t say exactly how the plans would impact Trump, since he has broken decades of political precedent by refusing to release his tax returns. A Democratic effort in the House to force the release of Trump’s tax returns failed this week.