Almost immediately after Donald Trump released his much-awaited tax plan, politicians, economists, and talking heads called it out for what it is: a huge giveaway to the rich that may even raise taxes for middle-class families. Given that the president and his team have tried to sell the plan, unveiled yesterday, as a gift to the average worker that will in no way benefit people like, for instance, Donald Trump, the reviews were particularly harsh. “The GOP tax plan delivers massive tax cuts to millionaires & giant corporations & kicks working families to the curb,” Senator Elizabeth Warren tweeted. “So if you are a giant corporation or in the top 1% - the GOP has a #TaxReform plan for you,” Chuck Schumer chimed in from New York. “If you aren’t? ¯_(ツ)_/¯.”

But while the administration and G.O.P. are presumably writing those two off as pinkos who hate America, one group Team Trump probably didn’t expect to receive criticism from, however, was Wall Street, where the hopes for tax reform have kept the so-called “Trump Trade” alive. Unfortunately for the president, Steve Mnuchin, and Gary Cohn, the reviews are in, and the range from lukewarm to openly dismissive to this plan is a joke.

At Bank of America, analysts told clients that the plan released has “a few more details” than the one-page outline circulated in April, but is “far from comprehensive,” containing “all the goodies but none of the pain,” i.e. how this thing is actually going to be paid for. Considering that “any new taxes, repeal of deductions, and loopholes, or a significant increase in the budget deficit could face stiff opposition in Congress,” the bank believes “Congress is unlikely to get significant tax legislation passed by next year, leaving our economic outlook unchanged for 2018.” At Morgan Stanley, experts put the odds of the proposed corporate tax rate actually falling to 20 percent, as the Big Six have proposed, as similar to those of Trump announcing he’s leaving Twitter, having decided it’s an unproductive, inappropriate use of his time. “Given the procedural constraints for achieving a permanent corporate tax rate reduction, and the unattractiveness of a temporary corporate rate cut, our base case is that legislation will ultimately settle closer to a 25 percent rate given the political challenges of embracing the yet unidentified pay fors required to achieve 20 percent,” the bank told clients. As for the notion that Democrats might support a plan that cuts the top individual tax rate and scraps the inheritance tax that affects only the ultra-wealthy? “Barring any significant changes, we think the idea of bipartisan tax reform that garners enough Democratic votes to clear the filibuster hurdle can be put to rest,” they said.

Perhaps the most pessimistic was Australia-based Macquarie, which wrote that while “simplifying and rewriting the U.S. tax code could be one of the best avenues for stimulating growth . . . there was nothing yesterday about eliminating over 70,000 redundant and overlapping pages of the tax code.” Most damning was Macquarie’s assessment that while Team Trump claims providing wealthy individuals and the corporate world with a massive reduction in their tax bill will ultimately benefit average Americans by unleashing historic economic growth, “Net/net, it seems unlikely the proposed changes” will actually do that. The firm also referred to the proposed elimination of the inheritance tax as a “pet project,” which, zing! Overall, Macquarie predicted, “Most benefits [will] flow into financial assets rather than consumption or investment.”

Elsewhere, rational conservatives—another group Trump probably assumed would obviously provide a glowing review—were similarly pessimistic.

On Twitter, National Review editor Rich Lowry posed the question “How can you spend months touting a middle-class tax cut and then introduce a plan that doesn’t reliably cut middle-class taxes?” At BloombergView, his colleague Ramesh Ponnuru correctly noted that “A tax reform that leaves out the middle class while cutting taxes for the rich won’t just be unbalanced. It will be unviable, too.”

Meanwhile the Trump administration, whose leader and minions have really been putting their black belts in cognitive dissonance to work today, are continuing to claim their plan is a totally feasible one that is definitely not expressly for the benefit of the rich. “The wealthy are not getting a tax cut under our plan,” Goldman Sachs president turned National Economic Council director Gary Cohn told ABC’s Good Morning America, in the same interview in which he admitted that he couldn’t “guarantee” that everyone in the middle class will get a tax break.