President Donald Trump has repeatedly described the Republican tax bill he signed into law on Friday as “an incredible Christmas gift” to low-income and middle class Americans—despite the numerous analyses showing that the legislation will ultimately raise taxes on millions in the middle class.

The president hasn’t, however, called the tax bill a massive “check to himself.” But a new study (pdf) published on Friday by Americans for Tax Fairness (ATF) demonstrates that this would, in numerous ways, be a more accurate description of the $1.5 trillion plan.

While it is impossible to determine precisely how much Trump will benefit from the GOP’s legislation given that he has persistently refused to release his tax returns, ATF finds that Trump could save “at least $11 million a year and perhaps as much as $22 million,” thanks to several central elements of the tax plan (as well as some of its under-discussed components).

Most obviously, Trump will profit from the bill’s reduction of the top individual tax rate from 39.6 percent to 37 percent. The massive cut to the corporate tax rate—which Trump has openly described as “probably the biggest factor” in the bill—will also be a huge boon for the president, given that he “owns millions of dollars in individual stocks and mutual funds.”