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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.

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