Trump announces tax plan

Trump announces tax plan

As the nation nears President Trump's 100th day in office, the White House has begun to announce a new tax plan with fairly significant cuts.

Trump's plan changes the current seven tax brackets to just three for individuals. After a compromise with House Republicans on what the new brackets will be, the new rates announced by the White House are 10, 25 and 35 percent. However, the plan eliminates many popular deductibles for individuals and families as well.

The White House has also announced the top rate paid by corporations will be reduced from 35 to just 15 percent. 

"It's a great plan," Trump said during an executive order signing yesterday. "It's going to put people back to work."

Notably, Trump's plan does not included the controversial border adjustment tax that Trump has recently promoted.

CNN Money reports that with the lack of details coming from the White House has generated irritability and annoyance on Capitol Hill as there vagueness is not contributing to an real discussion on tax reform.

"It's not tax reform," one senior GOP aide told CNN. "Not even close."

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