President Donald Trump has repeatedly said he's not benefiting from the GOP tax bill. On Tuesday, White House press secretary Sarah Sanders echoed that sentiment.
"Look, we expect that it likely will certainly on the personal side could cost the president a lot of money," Sanders said. "Again, the president's focus hasn't necessarily been at all on himself."
We, of course, don't know how the tax bill exactly impacts the president — he hasn't released his tax returns. But we do know these things:
For starters, the GOP tax bill repeals the alternative minimum tax — which prevents well-off households from claiming too much in deductions. Trump's 2005 tax return, leaked earlier this year, shows that provision accounted for about $31 million of his $36.5 million income tax.
The GOP tax bill also lowers the top tax rate on the "business income of small and family-owned businesses" from 39.6 percent to 25 percent. CNN says those businesses include some of the Trump family's own companies.
A last-minute provision also allows owners of real estate-related LLCs to deduct 20 percent of their "pass through" income. Records show that Trump has many ownership stakes in LLCs.
