The nonpartisan Tax Policy Centre predicted that almost three-quarters of the savings from the tax overhaul would go to the top 20 per cent of earners, those making more than $149,000.
"Democrats don't like tax cuts", Trump said.
The nation can afford huge tax cuts for corporations and the wealthy, apparently, but not for social safety net programs that benefit the overwhelming majority of Americans.
Mr Trump posted a celebratory message on Twitter after big name firms including AT&T and Comcast credited the tax cut programme for allowing them to promise one-off payouts of up to $1,000 (£750) to hundreds of thousands of workers ahead of the festive season.
Although this is the first major overhaul of USA tax laws in 21 years, it is far from the "largest tax cut in American history" - a claim repeatedly made by the President in recent days.
Trump has had a contentious relationship with the media since the days of his campaign, often referring to the press as "fake news".
A poll by CNN found that two-thirds of people believe the new package will benefit the wealthy more than it would the middle class.
Mr. Trump spent some of Saturday golfing with friends and pro golfers Jim Herman, Daniel Berger, Justin Thomas and his father at Trump International Golf Club.
Late TD pushes USF past Texas Tech in Birmingham Bowl
The junior linebacker for the Red Raiders forced a fumble to begin the half and recovered another that led to a Texas Tech score. After a goal line stance by Texas Tech early in the 4th, USF ties it up at 24-24 with a 5 yard touchdown run by Flowers.
It was also parroted in a tweet from Ivanka Trump, the president's daughter.
The president cited a subset of that $5.5 trillion, the amount that he said would go to "American families".
The president will spend the Christmas holiday at Mar-a-Lago, with family.
"We have them, many of you have worked very hard, many of you have worked very, very fairly, and we really appreciate that", he said. We're going to have tremendous Democrat support on infrastructure as you know.
"I said I wanted to have it done before Christmas; we got it done", Trump said during a cabinet meeting on Wednesday.
But not everything on the legislative agenda will likely be easy for the president or his party. The Tax Policy Center analyzed the tax bill and concluded that most taxpayers at all income levels would get a tax cut in the years 2018 through 2025.
The most far-reaching rewrite of the nation's tax laws since 1986, the $1.5 trillion tax plan permanently lowers the corporate tax rate from 35 percent to 21 percent, imposes a low one-time tax on companies' overseas earnings, provides a windfall to people who pay the personal tax on business earnings, narrows and eventually ends the estate tax and cuts individual tax rates.
News that companies, albeit a small number so far, are passing on benefits of the looming tax changes may help ease jitters among senior Republicans that they risked sparking a political backlash.
There is also debate as to whether Congress will attempt to repeal and replace Obamacare again, after more than one failed attempt earlier this year.