Trump: ‘I Will Pay More’ Under My Tax Plan

President Trump said one victim of his new tax reform is ... him.

Wealthy Americans who can afford "great accounting firms" are able to game the tax code to take advantage of every possible loophole. 

But Trump says that's all about to change.

After wiping out all of the deductions he's planning to eliminate, the president says he'll end up paying a higher tax rate than he does now.

He appeared Friday night on Fox News. Here's a transcript:

MacCALLUM: "I’ll move on to a couple other quick things because I know we’re short on time. The huge cut that small businesses would see would also be enjoyed by hedge funds and also by real estate companies. Is that going to make it tougher for you to get that big cut through for the pass-through companies in your tax reform?"
TRUMP: "So we're the highest taxed nation in the world. Our business taxes are through the roof and we're not competitive and companies are leaving. We're going to break companies back, we’re going to lower taxes and the biggest beneficiaries are the small companies and the biggest of all beneficiaries are middle income people who have really been hurt. Their taxes are going down to 10 percent. And I have two guys -- I have the president of Goldman Sachs, Gary Cohn, I have Steve Mnuchin, one of the most successful guys, never made a bad deal. These are very smart guys but I said, 'Fellas, you keep forgetting to mention' -- because I’m the one who set the numbers, I'm the one that did this to a large extent -- 'you keep forgetting of the biggest beneficiaries of the middle-class people have been absolutely hurt." 
MacCALLUM: "Your critics are going to say real estate companies like President Trump's company will benefit along with that middle class. Is it going to make it harder for you to get that big cut in the middle, from 39.6 to 15?" 
TRUMP: "If I’m individually paying 35 percent, I will tell you that’s more, I’m going to end up paying more than I pay right now in taxes. I will pay more than I pay right now in taxes. All right? I will pay more than I pay right now. The reason I'm going to pay more is because I lose all the deductions. They have deductions on top of the deductions, they have hundreds and hundreds of pages of deductions. Things that you never heard of before, I have great accounting firms, I’m sure you do. 'Well, you’re entitled deduction for geese fighting over America, you’re entitled to this, you’re entitled' — by the time they give you all these deductions -- all that stuff goes away. Other than charitable deductions, which we think is important to keep, and interest deductions, which we think is important to keep. All of the stuff goes away. I predict I will probably play more than I’m paying right now."