President Donald Trump’s plan for what the administration is calling one of the “biggest tax cuts" in American history was officially unveiled on Wednesday.

National Economic Director Gary Cohn made the official announcement during Wednesday’s press briefing, outlining some of the major components of the Trump administration’s tax reform proposal.

“We have a once in a generation opportunity to do something big,” Cohn said.

Here are some of the important highlights:

• Lower the corporate tax rate from the current 35 percent to 15 percent

• “Double” the standard tax deductions for Americans

• Replace the current seven tax brackets to three brackets of 35 percent, 25 percent, and 10 percent

• Give business owners a “pass-through rate” and allowing their personal income to be taxed at the 15 percent corporate tax rate

• Provide tax relief for families with child and dependent care expenses

• Eliminate targeted tax breaks that “mainly benefit the wealthiest taxpayers”

• Repeal the Alternative Minimum Tax

• Repeal the “death tax”

• Create “one-time” tax on trillions of dollars held overseas

Earlier on Wednesday, Treasury Secretary Steven Mnuchin claimed economic growth would cover the cost of the tax bill. He predicted an annual gross domestic product growth of 3 percent as a result of the tax reform.

View Comments(64 comments)
@SideTracked_In_NY(17 likes)Just remember folks, by reducing taxes for businesses it will create more & better paying jobs for the American workforce. That's what it's all about. Remember during the Obama administration our deficit was raised by neay 10 Trillion dollars. So even if his plan raises the debt some, the American workforce will gain more jobs. With more better paying jobs, there will be more money spent. Which creates a need for more businesses & jobs to service the raise in spending. The raise in spending will create more sales tax revenue which benefits your local government also. There even inuding small businesses owners in this tax cut which is a huge incentive to start your own busines. Give it a chance to work because over my adult life the status quo hasn't helped me none. I'm willing to travel uncharted waters for change. It's why I voted for President Trump, it's time for our government to be run like a business. Not a government with never ending cash grabbing out of our pockets. 
J(8 likes)Where's the bullet that says: File your own taxes without the need to buy stupid software?  Now that would be tangible simplification.
@Coach(6 likes)OK, now I see it! The same mentality that I remember from the days when I used to be forced to read the bible and I could not figure out how it was that these people kept on refusing to SEE no matter what God did for them (and I am FAR from religious). No matter how much is done FOR some people, it is NEVER enough unless it pays for them to just skate through life doing nothing for themselves and expecting it ALL to be for only them!