Story highlights "It is going to cost me a fortune, this thing," Trump said

He gave a speech in St. Charles, Missouri, on Wednesday

Washington (CNN) President Donald Trump claimed on Wednesday that the Senate Republican tax plan will cost him and his family "a fortune."

Trump turned to his oft-used "believe me" line during a speech in St. Charles, Missouri, telling the friendly audience that the tax plan will cost him.

"America's tax code is a total dysfunctional mess. ... It is riddled with loopholes that let some special interests, including myself, in all fairness -- it is going to cost me a fortune, this thing," Trump said. "Believe me, believe me, this is not good for me."

On Thursday, White House press secretary Sarah Sanders said the President was referring to "deductions that may no longer exist" that he and his family use.

"A lot of the deductions that he would probably normally receive may not be part of the package that would affect ... what he pays in taxes," Sanders said. "Again, until there is a final piece of legislation, I can't go into much more detail. But I know that some versions of it take out a lot of those deductions that currently benefit the President and his family."

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