President Trump told his friends at Mar-a-Lago in Palm Beach, Fla., Friday night, “You all just got a lot richer," hours after signing a sweeping tax bill into law.
According to CBS News, he made the comments to friends dining nearby at the exclusive club, his first night at what has been dubbed the “Winter White House.”
The tax overhaul the first major legislative accomplishment of Trump’s first presidency in office.
The law's most significant features are a drastic and permanent reduction in the corporate tax rate and an overhaul of the individual code through 2025 that will reduce rates, double the child tax credit, nearly double the standard deduction, and limit a number of tax deductions, such as on mortgage interest and state and local taxes, the Washington Examiner reported Friday.
Large corporations and companies such as Wells Fago, Boeing, and Comcast have announced they will give their employees higher wages and/or higher bonuses because of the legislation’s passage.
According to the Tax Policy Center — which is nonpartisan — 80 percent of Americans will pay less in taxes in 2018, and less than 5 percent will see their taxes go up less than $10.
Trump is expected to end the year at Mar-a-Lago, an affluent club that boasts initiation fees of $200,000 and annual dues of $14,000. He is to return to Washington on New Year's Day.
On Saturday, Trump spent roughly five hours at Trump International Golf Club, reportedly golfing with friends and pro golfers Jim Herman, Daniel Berger, and Justin Thomas and his father.