President Trump unveiled a tax plan Wednesday that would overwhelmingly favor corporations and the wealthiest Americans, while adding trillions of dollars to the national debt. The plan would end the estate tax on inherited wealth for the richest 0.2 percent of Americans and slash the top corporate tax rate from 35 to 20 percent. It would also abolish the alternative minimum tax—a move that would also benefit the wealthiest Americans, including President Trump. A leaked 2005 tax return shows Trump paid nearly $37 million in federal income taxes that year—most of it due to the alternative minimum tax. Speaking in Indianapolis Wednesday, President Trump falsely stated his tax plan would favor low- and middle-class households.

President Donald Trump: “Our framework includes our explicit commitment that tax reform will protect low-income and middle-income households—not the wealthy and well-connected. They can call me all they want; it’s not going to help. I’m doing the right thing, and it’s not good for me. Believe me.”

According to Americans for Tax Fairness, Trump’s plan would provide a modest middle-class tax cut by doubling the standard deduction, but those gains might be largely offset by other changes to the tax code. The group says the plan would starve the federal budget of about $5 trillion in tax revenue over the next 10 years.