Trump's tax plan could cost an estimated $5.5 trillion

The plan cuts the maximum corporate tax rate from 35 percent to 15 percent, a clear potential savings. The florist has a range of possibilit.

One of President Trump's top economic advisers couldn't promise that middle-class families won't pay more if his new tax plan is put in place.

However, Treasury Secretary Steven Mnuchin said the plan would pay for itself during a White House press conference. How do these proposed Trump tax reforms benefit Donald Trump? It lowers the capital gains tax rate, eliminates the alternative minimum tax and the estate tax - yes, a boon to the wealthy - but doubles the standard deduction, a break for everyone else.

Additionally, nothing is ensuring that Republicans will all agree with Trump's exact proposal; his administration will have to work with congresspeople to come up with a solution that's passable.

Deductions for mortgage interest and charitable donations would still be allowed under Trump's proposal.

The tax rate for high earners would drop from 39.6 percent to 35 percent. Currently, 15% is the lowest bracket for businesses, so this tax cut would lower taxes significantly for almost all businesses that earn more than $50,000 a year.

Leonard's 37 points lead Spurs by Grizzlies 96-82
The Cavaliers improved to 9-0 in the first round since the return of James, who had 32 points, 13 assists and six rebounds. Leonard has been nothing short of incredible and could be the best player so far in the entire first round of the playoffs.

It's also impossible to know what sorts of new or different tax breaks will be available for child care or elder care. The White House has said Trump has released plenty of information. Our corporate tax rate is the highest in the developed world, and it reduces investment and therefore wages.

All in all, for many taxpayers, the plan looks like a real win.

"The reason I am going to pay more is because I lose all the deductions".

Doubling the standard deduction - or at least raising it to $24,000 - could provide significant tax relief to middle-income families. As those details are filled in, Republicans should attend to three elements of the plan. But again, it's impossible to know for sure without details about which income levels would be assigned to which tax bracket.

His fellow Texan, Senate Majority Whip John Cornyn, called for both parties to support the plan, saying "Pro-growth tax reform should be our goal - and it's something that's united Republicans and Democrats in the past". Without it, he would have paid just $5.5 million, according to a leaked copy of that year's return. A big one here would be the elimination of the ability to deduct state and local taxes, a move that could hurt residents of high-tax states such as California and NY. Through that lens, the President's cuts would amount to about 2.3% of the country's GDP over the next 10 years, the group estimates.

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

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