President-elect Donald Trump has promised tax cuts for the middle class, but according to the self-proclaimed "Grand Daddy of Tax Preparation" John Hewitt, the future leader's tax cuts will mostly help the wealthy.
"Billions of dollars will go to the Trump family in particular," Hewitt, the founder of Liberty Tax Service, tells Inc. editor-at-large Bill Saporito in a recent Founders Forum interview. "It's a bit self serving I think."
Most tax cuts benefit the top 5 percent of income earners, Hewitt says, but adds that Trump's plan does include a deduction for child care, which helps working families who have difficulty affording the cost.
Hewitt, who sold his previous company Jackson Hewitt for $483 million, says in every presidential election there's a candidate who promises to simplify the tax code. Unfortunately things don't really work that way in practice.
"There's nothing fair and simple," he says.
Watch the video above for more advice from this savvy entrepreneur, including why CEOs should focus on pleasing customers over shareholders.