Trump tax plan leaves Congress, Ryan with heavy lift

"Because I think we need to know exactly how he will benefit from his proposal".

Supporters say the tax proposals would stimulate the economy, encouraging Americans to buy more goods and companies to hire more workers.

Democrats are using the possibility of presidential profits to bash the proposal. The White House has said Trump has released plenty of information. House Minority Leader Nancy Pelosi called the outline "short on details and long on giveaways to big corporations and billionaires".

President Donald Trump 's proposed tax plan is not a tax cut for the rich, CNBC's Jim Cramer said Thursday.

Gary Cohn, the director of Trump's National Economic Council, told reporters Wednesday that the higher standard deduction means that fewer people will have to file itemized deductions to reduce their taxable income, which could lead to a simpler tax return.

The plan will "pay for itself" Mnuchin said, through faster economic growth and "reduction of different deductions and loopholes".

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About 70 percent of taxpayers take the standard tax deduction when they file their taxes.

WASHINGTON | Dismissing concerns about ballooning federal deficits, President Donald Trump on Wednesday proposed dramatic tax cuts for US businesses and individuals - outlining an overhaul his administration promises will spur economic growth and simplify America's tangle of tax code rules. "Nobody cares about it", he said. And his heirs could eventually enjoy his enormous assets tax-free.

Trump wants to cut the corporate tax rate from 35 percent to 15 percent, in order to "make the United States more competitive". It's a combination of the tax plan, it's a combination of regulatory relief, and it's a combination of our trade principles.

Trump's tax proposal would also lower the capital gains tax rate and would decrease the number of income tax brackets from seven to just three, while lowering the tax rate for the wealthiest individuals by almost 4 percentage points.

The administration says it would ensure that wealthier Americans wouldn't exploit the lower pass-through rate, but it provided no details on how that would do so. The new plan would reduce that to more than half, at just 15%. To others, President Trump's plan to end the federal deduction for state and local taxes would eliminate a costly perk for the wealthy. The benefit to Trump could run as high as tens of millions of dollars a year.

Alternative Minimum Tax repeal: As he mentioned in his campaign, Trump wants to repeal the AMT. Trump hasn't yet announced how his elimination of most deductions will affect the student loan interest deduction (which allows people to deduct the interest paid on those loans and earn a tax break) or other education-related tax credits that impact how much people pay in taxes.