“This is not a bill written with the core Obama-Trump voters in mind,” said Henry Olsen, a senior fellow at the Ethics and Public Policy Center in Washington. “In the short term they get a little but not a lot.”

One thinking behind the corporate tax cuts is that they will turbo-charge business activity and that ordinary Americans will, in time, receive benefits in the form of better jobs and higher wages. Most mainstream economists, though, have expressed skepticism that workers will benefit much from lower corporate taxes.

“This is something I’m very proud of,” Trump said Friday at an informal bill signing ceremony in the Oval Office. “Great for our country, great for the American people.”