Donald Trump’s approval sinks to new low amid new tax plan Americans feel will benefit the wealthy

THE US sharemarket may be at a record high but Donald Trump’s approval rating has sunk to a record low, even as he prepares to pass a tax reform package.

AMERICANS are not buying the tax plan that Donald Trump is selling.

A new poll by CNN shows that the US president’s approval rating has sunk to a record low of 35 per cent.

With 35 per cent supported the job Mr Trump is doing in the White House, 59 per cent said they disapprove.

US President Donald Trump’s approval rating is at a record low. Picture: AFP

That split is almost mirrored in the number of those who don’t like the Republicans’ planned tax cut. Opposition to the bill has grown 10 percentage points since November, with 55 per cent saying they disapprove and only 35 per cent in favour of the bill.

More than two-third of respondents say the plan will favour the wealthy, while 37 per cent believe they would be worse off.

Stocks and the economy have a long way to go after the Tax Cut Bill is totally understood and appreciated in scope and size. Immediate expensing will have a big impact. Biggest Tax Cuts and Reform EVER passed. Enjoy, and create many beautiful JOBS!

— Donald J. Trump (@realDonaldTrump) December 19, 2017

DOW RISES 5000 POINTS ON THE YEAR FOR THE FIRST TIME EVER - MAKE AMERICA GREAT AGAIN!

— Donald J. Trump (@realDonaldTrump) December 19, 2017

Mr Trump tweeted that “stocks and the economy have a long way to go after the Tax Cut Bill is totally understood and appreciated in scope and size”.

The US president’s approval ratings are much lower than any of his predecessors at the same point of their presidency, which is surprising given, as Mr Trump points out, the sharemarket is at a record high.

Ronald Reagan’s approval after his first year in office was 49 per cent. Picture: Supplied

Barack Obama was more popular than Donald Trump after his first year in office. Picture: Getty

Reagan was the only president to come close to Mr Trump’s low approval rating, recording a 49 per cent figure in December 1981. Barack Obama’s approval was at 54 per cent in the December of his first year.

Nevertheless Congress is expected to vote in favour of the tax bill today with Mr Trump planning to sign it into law soon afterwards.