The Trump administration has outlined its new tax proposal, which leans heavily on tax cuts.
So far, President Trump wants to slash individual tax rates -- cutting the top rate from 39.6% to 35% -- and reduce the number of total rates from seven to three. He also wants to cut the top tax rate for all businesses to 15%, far below the current top rates.

Here's what we know so far about the president's tax proposal.
Lower individual income tax rates: The proposal calls for reducing the number of tax brackets from seven to three for individuals, which would be set at 10%, 25% and 35%. Today's rates are 10%, 15%, 25%, 28%, 33%, 35% and 39.6%.
The proposal also calls for doubling the standard deduction.
Treasury Secretary Steven Mnuchin said that the new tax proposal will offer "the biggest tax cut and the largest tax reform in the history of this country."
Much lower business rates: Trump wants to slash the top tax rate for all businesses to 15%, as he proposed during the campaign. That's well below the top rate of 35% for corporations today, although the real top rate they pay is less after tax breaks.
A drop to 15% would also be a huge drop from the 39.6% top rate paid by owners and shareholders of so-called pass-through businesses. Those run the gamut from mom-and-pop shops to law firms and hedge funds. In a pass-through business, the owners and shareholders report profits on their personal tax returns.
One-time tax on overseas profits: The president will call for a low, one-time tax on the $2.6 trillion of profits that were earned overseas by U.S. multinational corporations and were technically never brought back to the United States.
Switch to a territorial tax system: Today, U.S. companies must pay tax on all their profits, regardless of where in the world those profits are earned.
Trump now joins Republicans who want to switch to a territorial system for businesses. That would mean U.S. companies would only owe U.S. tax on what they earn in the United States.
No border adjustment tax as proposed: Trump is not expected to back a controversial provision known as the border adjustment tax that was proposed by House Republicans.
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