Trump says the GOP tax bill would 'cost me a fortune' - but it would likely save him millions
- At a rally Wednesday, President Donald Trump said that the GOP tax bill would not benefit him personally.
- Based on multiple analyses of Trump's 2005 tax return, the president could have saved $20 million in a single year from the changes in the tax bill.
President Donald Trump on Wednesday reiterated a claim that the Republican tax plan would hurt his bottom line.
"This is going to cost me a fortune this thing, believe me, believe me," Trump said during a rally in St. Charles, Missouri. "This is not good for me, me it's not so good for."
The president has made similar claims during a call with Senate Democrats in November and at a rally in Indiana in September.
But most analyses show that Trump would end up paying tens of millions less under the Republican tax bill, known in both the House and Senate as the Tax Cuts and Jobs Act (TCJA).
As Business Insider's Allan Smith previously reported, changes to the alternative minimum tax and the treatment of pass-through businesses could be substantially beneficial to Trump due to the type of businesses he has run.
According to an analysis of Trump's 2005 tax return, NBC determined that Trump would have saved $20 million in that year under the House version of the TCJA. While there are some differences in the Senate bill, many of the bill's changes would also benefit Trump.
Not only would Trump likely benefit from the bill immediately, but the plan would also be a significant windfall for his heirs. The House version of the tax bill would eliminate the estate tax, potentially saving Trump's heirs as much as $1.1 billion, according to an analysis by the New York Times.
The Senate bill is much less generous, simply doubling the threshold at which the tax kicks in.