Trump unveils tax plan with cuts for businesses and families

President Trump unveiled a broad tax proposal Wednesday, including a sharp cut in the corporate tax rate from 35 percent to 15 percent. For individuals, the administration proposed reducing the seven tax brackets to three, at 10, 25, and 35 percent. Treasury Secretary Steven Mnuchin said the proposal is the "biggest tax cut and the largest tax reform in the history of our country."

"We are going to double the standard deduction, so a married couple will not pay any taxes on the first $24,000 they earn," chief economic advisor Gary Cohn added. The proposal would additionally repeal the estate tax, or so-called "death tax," as well as "the catch-all alternative minimum tax, and the 3.8 percent tax on investment income from President Barack Obama's health-care law," The Associated Press reports. While Republicans had wanted a border adjustment tax on imports, it was not included in the White House's plan.

The White House reportedly hopes some of its family-friendly provisions, such as adjustments that help with child-care costs, will give Democrats a strong incentive to negotiate a deal, but Democratic National Committee Chairman Tom Perez has argued that "Trump's latest proposal is another gift to corporations and billionaires like himself."

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