President Donald Trump unveiled his latest giveaway to corporations and the ultra-wealthy on Wednesday, with a tax plan that would, according to one analyst, "personally help Trump enormously."

The proposal, as outlined by Goldman Sachs alums and Trump administration officials Gary Cohn and Steven Mnuchin at the White House, would cut tax rates for businesses from (a rarely paid) 35 percent to 15 percent—a plan described this week by former Labor Secretary Robert Reich as "truly dumb."

Trump's package would also involve a "pass-through" tax cut on business income that is currently taxed at the business owners' individual income tax rates rather than the corporate rate. Such a tax cut is also a centerpiece of House Speaker Paul Ryan's (R-Wis.) "Better Way" plan, and as the Center on Budget and Policy Priorities (CBPP) notes, "would overwhelmingly benefit high-income people and create a costly loophole." (Trump himself is said to have 500 pass-through arrangements.)

Eileen Applebaum, a senior economist with the Center for Economic and Policy Research (CEPR), further explained: