GOP bill would cut taxes for the ultrarich

Trump claims he would not benefit under the plan, but he would gain while the middle class would pay more.
3:00 | 12/20/17

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Transcript for GOP bill would cut taxes for the ultrarich
One more question on this tax bill tonight, how will president trump and his family fare? And did he keep his campaign promises? What the white house told our Cecilia Vega today. Reporter: Tonight, the white house celebrating what it calls a promise made and a promise kept. A promise like this. I took this job on behalf of the forgotten men and women of our country, but guess what? They are forgotten no more. Reporter: Most working and middle class Americans will get a tax cut, but independent analysts say, eventually, their taxes will go up. The president recently promised a tax code so simple you could file on a postcard. Great job. Thank you very much. I didn't know I was going to be given a prop. Don't lose it. It's yours. It's yours. Reporter: That postcard not happening either. The 503-page tax bill still means a lot of paperwork for taxpayers. The president insisting, time and time again, he's going to pay big league under the plan. It's not good for me, believe me. This is going to cost me a fortune, this thing, believe me. Reporter: Also, not true. Here's how president trump stands to benefit. Income taxes for the ultra rich will drop. Business owners, including those in commercial real estate like the trumps, get a big break from what's known as a pass-through deduction. And his family stands to save millions on inheritance taxes. The president has said this tax bill will cost him a fortune. That's actually not the case. How does he figure this is going to cost him a lot of money? Look, we expect that it likely will certainly on the personal side could cost the president a lot of money. Reporter: But he stands to benefit from pass-through deductions, top rate tax deduction, estate tax chemical shun is doubled. He's going to make money on that. Look, again, this is a tax plan that we hope benefits all Americans. And Cecilia Vega live at the white house tonight. You pressed Sarr Sanders on this today. She did seem to couch her words? Reporter: Yeah, when it comes to his business dealings, Sarah Sanders said the president could benefit from the tax cuts. She still maintains he will take a hit when it comes to his personal income, but the president stands to win on both friends. All right, Cecilia Vega at the white house again for us

This transcript has been automatically generated and may not be 100% accurate.

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