Trump tax plan stands to benefit the man in the White House

US National Economic Director Gary Cohn and Treasury Secretary Steven Mnuchin unveil the Trump administration's

Trump wants to cut the corporate tax rate from 35 percent to 15 percent, in order to "make the United States more competitive".

President Donald Trump unveiled his tax reform plan this week, and it included a lot of big giveaways for high-income earners, including the elimination of both the inheritance tax and the alternative minimum tax.

But taxes are complicated, and numerous other provisions in the plan could anger even some conservatives.

Assuming lawmakers can keep the government running, the next big item on the legislative agenda is tax reform.

"That's the heavy lift", said Rep. Dave Brat, R-Va.

"They never had to govern", he said of congressional Republicans. But the Trump administration has not said which income ranges would apply to those brackets.

Consumers will also see relief as there was no plan for a border adjustment tax, at least for right now. Currently, taxpayers have to calculate their tax liability two times, once under each method, and pay whichever amount is higher.

"Congress will have the last say on what any tax plan is and my own view, preliminarily, is that it's unlikely that the president's proposal, as announced, will be enacted as announced", the former Democratic Party senator said.

Some industries fare much better than others.

These are the 1 percenters, people like Trump who make millions a year and are worth even more.

The Trump White House seems to be taking a more hands-off approach to legislation than most of its recent predecessors.

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"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.

Tax cuts reducing them from 39.6 per cent to 15 per cent have been proposed by the USA leader's administration.

The principles of his tax plan - presented Wednesday in a one-page document - offered enough detail to suggest that Trump's preferred tax changes will add a ton to deficits.

During the campaign, Trump released a tax proposal that would eliminate the personal exemption. "We have talked to them [about] where it gets tough for them to bring it back on rate".

Democrats were much harsher in their appraisal.

In an appearance on Good Morning America on Thursday, Mnuchin was asked whether the White House's proposal would result in the middle class paying less.

All in all, for many taxpayers, the plan looks like a real win. Other Republican plans have advocated allowing businesses to deduct the cost of investments as soon as that cost is incurred, rather than making them use lengthy depreciation schedules to stretch out those deductions.

Larger standard deduction would mean lower tax bills.

Take Trump's pledge to double the standard deduction, from $12,700 to $24,000 for a married couple.

Don't fall for Trump's corporate tax giveaway. To pay for the cuts, the administration would eliminate all tax deductions, except the mortgage, charitable giving, and retirement savings deductions.

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