Meanwhile, Trump's plan would cut the top corporate income tax rate from 35 percent to 15 percent.
President Donald Trump plans to cut the number of individual income tax brackets from seven to three, with a top rate of 35 per cent and lower rates of 25 per cent and 10 per cent.
Except that when Trump issued a similar proposal during the campaign, he paired it with other changes that undid numerous gains, including scrapping the "head of household" filing status and eliminating the $4,050 tax exemption families get for each household member.
Among the missing details?
"In order for a corporate income tax cut to 15 percent to be self-financing, it would have to raise the level of growth to 2.8 percent on average", he said.
Trump has repeatedly refused to release his tax returns-which would provide better insight into how much he'll save under his tax plan-and Treasury Secretary Steve Mnuchin said Wednesday Trump "has no intention" of releasing them.
Asserting that the president is determined to unleash economic growth for businesses, the treasury secretary said this is not just about large corporations. "It's not true that you will have it for free - that tax cuts will pay for themselves". The title is fitting for Trump, Mnuchin, Cohn and their fellow members of the billionaire's club: "Ain't we got fun".
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That's a departure from what Gary Cohn, Trump's economic adviser, said on Wednesday. If individuals declare themselves "pass-through entities", under this plan, they can be taxed at the corporate tax rate. "At the current projections, the standard of living will double every 75 years, and I think people feel that".
I know that tax policy is not the most exciting topic, but we can not afford to be ignorant on these issues.
Mr. Trump and House Republicans, riding a wave of conservative and populist sentiment, are pushing to end the provision.
"If you get a tax cut across the board, which we support, that helps everyone", he said.
"What he's done directly for the middle class is very little", says economist Stephen Rose of the Urban Institute.
He said: "If people don't think capital is now global, then they're kidding themselves and what the United States is doing will encourage investment and job creation in the US". "Many people had a job throughout [the recession]".
But experts interviewed this week by ABC News said economic growth likely wouldn't make up for the massive loss in federal revenue. Still, there are reasons to be wary about some of the claims coming out of the White House about it.