President Trump outlined his tax plan, which the Trump administration is calling "the biggest tax cut" in U.S. history. Trump proposed a 35% top tax rate and lower rates of 25 and 10 percent. The corporate tax rate would drop from 35% to 15%. The tax rate on business income would drop to 15% instead of being taxed at individual rates. Tax deductions would be eliminated with a few exceptions, including mortgage interest and charitable contribution deductions. The plan would double the standard deduction. The estate tax and alternative minimum tax would be axed.
Democrats quickly rose their concerns about the plan, saying it aims to help the rich, like Trump himself.