President Donald Trump released his new tax reform plan on Wednesday. The plan can be read in its entirety on the president's website here.
Unsurprisingly, the plan gets rid of the "Death Tax" and cuts rates for businesses, small and large.
The plan also suggests that single individuals earning less that $25,000 will not pay any taxes whatsoever. This also applies to married couples who jointly earn less than $50,000. Instead of filing taxes, President Trump's plan says, "They get a new one page form to send the IRS saying, 'I win.'"
The new reform includes changing the tax bracket system as well. Rather than the current seven tax brackets, the Trump tax plan suggests just four.
The information released on the proposed tax reform is certainly broad, but in the coming weeks, Trump will solicit more ideas on how to improve it, said Marc Short, Trump's director of legislative affairs. The specifics should start to come this summer.
The argument that tax cuts pay for themselves has been debunked by economists from across the political spectrum. On Tuesday, the official scorekeeper for Congress dealt the argument - and Trump's plan - another blow.
The nonpartisan Joint Committee on Taxation said Tuesday that a big cut in corporate taxes - even if it is temporary - would add to long-term budget deficits. This is a problem for Republicans because it means they would need Democratic support in the Senate to pass a tax overhaul that significantly cuts corporate taxes.
To read the full tax plan, visit https://assets.donaldjtrump.com/trump-tax-reform.pdf.
The Associated Press contributed to this report.