It's the holidays and the orange Santa is giving out gifts to his friends... But only if you're pulling down a seven figure salary!
As it turns out Donald Trump regaled his friends at his private Mar-a-Lago club in Palm Beach, Florida, by telling them “you all just got a lot richer” after he and the Republican congress passed tax cuts for multi-million dollar coorperations and the richest 1 percent.
According to CBS News Trump reportedly made the remark during dinner on Friday at the exclusive resort, where initiation fees cost $200,000 (not including annual fees of $15,000), mere hours after he signed the bill into law.
The boastful remarks seem contradictory to a promise Trump made several months ago after pitching his tax proposal to Congress at a Sept. 12 meeting with lawmakers at the White House when he claimed...
“The rich will not be gaining at all with this plan. We are looking for the middle class, and we are looking for jobs, jobs being the economy. So, we’re looking at middle class, and we’re looking at jobs,”
The dues paying millionaire members of Mar-A Lago aren't the only ones whom will reap the benefits of this tax cut as Trump himself is set to save big bucks including but not limited to an $11 million a year windfall from a single rule change in the bill, according to Forbes.
When asked for comment the White House on Saturday still maintained that the legislation would benefit the middle class.
While households at every income level will see a tax cut next year, wealthy taxpayers would benefit the most from the bill, according to independent analysts.
The real kicker is that the massive corporate tax cut from the top rate from 35 percent to 21 percent will remain permanent while tax cuts for the middle and lower earners expire over the eight year life of the bill and eventually become a tax increase relative to current law.
As an added bonus the tax cut will add as much as 2.2 TRILLION (before interest) to the national debt.
Ho Ho Ho!... It's PARTY TIME at Mar-A Lago!