President Trump likes to argue that the tax-reform legislation hurtling through Congress this week will protect low- and middle-income households, “not the wealthy and well connected.” He puts himself forward as Exhibit A.

“This is going to cost me a fortune,” he said on Wednesday in Missouri. “This is not good for me.”

So surely at least a few of the most egregious loopholes that benefit Mr. Trump and real estate developers like him will be closed.

Not in the slightest.

In fact, the proposals seem almost tailor-made to enrich the president and people like him.

“Commercial real estate came out essentially unscathed,” said Douglas Holtz-Eakin, president of the American Action Forum, a conservative advocacy group. Real estate developers “didn’t lose anything they care about,” and they got even more breaks, like a shorter depreciation schedule in the Senate tax bill, Mr. Holtz-Eakin pointed out.