Trump tells rich friends at Mar-a-Lago ‘you all just got a lot richer’ from tax bill 

Trump tells rich pals they 'just got a lot richer' from tax cuts
NEW YORK DAILY NEWS
Updated: Sunday, December 24, 2017, 12:05 PM

President Trump reportedly told a group of wealthy pals, “You all just got a lot richer” from the major tax cuts he signed into law last week.

Trump made the congratulatory remark Friday night to a group of high-rolling members at his Mar-a-Lago resort in Florida, CBS News reported, citing people in attendance. Hours earlier, Trump signed into law cuts he called the “biggest in history.”

It’s a departure from his insistence that slashing the corporate tax rate — and ones on top earners — are meant to benefit middle-class families.

Membership fees at Mar-a-Lago, located near Palm Beach, run at $14,000 per year, plus a $200,000 initiation fee.

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The White House told CBS News, when asked about the statement, that the reforms would benefit the middle class.

The Trump administration and Congressional Republicans have argued the cuts will allow U.S. companies with business overseas to return stateside. With more revenue from lower tax rates, they argue, companies can invest and pay their workers higher salaries.

But opponents worry any future savings will be passed on to shareholders.

Trump has said the tax bill won’t benefit him personally, nor his wealthy pals, who he’s said aren’t happy about the cuts.

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Middle class families are expected to see more money in their pockets, but many are concerned about the cuts in the long term.

The income cuts, passed by Congress on Wednesday, are set to expire in 2025. But the corporate rates — slashing the tax from 35% to 21% — are forever, leaving Democrats irate over the GOP plan.

And some fiscal think tanks have warned the cuts could add close to $1.5 trillion to the national debt without a new source of revenue.

“This legislation makes a bad situation worse, and it drives up the deficit,” Sen. Bernie Sanders (I-Vt.), a staunch critic of the cuts, said Sunday on CNN’s “State of the Union. “Many large corporations are going to use their tax breaks to make their CEOs wealthier and do little for their workers.”

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Economist Larry Kudlow, an informal Trump adviser, dismissed suggestions the cuts will balloon the national debt.

“This thing is going to pay for itself,” Kudlow said on billionaire John Catsimatidis’ “The Cats Roundtable” radio show on AM 970.

He said the economy could now grow at a rate of 3 to 4%, which could prompt ripple expansions in Japan and Europe.

“Trump has ended the war on business. He’s ended the regulatory war,” Kudlow said. “ This (tax reform]now ends the punishment of investment. … I think this thing is going to pan out better than almost anybody thinks.” 

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