UPDATE 4:15 p.m. EST:
In a joint press release, Senate Majority Leader Mitch McConnell (R-KY), House Speaker Paul Ryan (R-WI), Senate Finance Committee Chairman Orrin Hatch (R-UT), and House Ways & Means Committee Chairman Kevin Brady (R-TX) said Trump's tax outline will serve as a guideline for future policy.
"The principles outlined by the Trump Administration today will serve as critical guideposts for Congress and the Administration as we work together to overhaul the American tax system and ensure middle-class families and job creators are better positioned for the 21st century economy," the congressmen said.
"With an eye toward fairness and simplicity, we’re confident we can rebuild our tax code in a way that will grow our economy, better promote savings and investment, provide our job creators with a competitive advantage, and bring prosperity to all Americans," they added.
ORIGINAL STORY: Director of the National Economic Council Gary Cohn and Treasury Secretary Steven Mnuchin detailed specifics of President Trump's overhauled tax reform plan on Wednesday. Key components included simplifying the tax code and providing tax breaks for corporations.
"This isn't going to be easy," Cohn said to a group of reporters in the White House briefing room. "I would never ever bet against the president."
The outline calls for a major simplification of the tax code, slashing the number of tax brackets from seven to just three. Under Trump's plan, Americans would be taxed at 35 percent, 25 percent or 10 percent, depending on their income.
Earlier outlines set those brackets at 33 percent, 25 percent and 12 percent.
Here's what that looks like.
What does that mean? A lot of middle-income Americans will be moved into a lower tax bracket, although some might see their tax bracket increase, depending on how much they earn.
Under the reformed tax policy, married couples would not have to pay taxes on the first $24,000 they earn; Cohn said this will lead to reduced itemization. He also proposed eliminating tax breaks that benefit some of the wealthiest Americans.
The Trump administration also proposed eliminating the "death tax" and the Alternative Minimum Tax, which Cohn said would occur "immediately."
When asked how a family with four children that makes $60,000 annually would benefit from the reform, Cohn didn't offer much detail, saying only that they would see a tax cut. He dodged questions on the extent of that cut, however.
Mnuchin focused on the 15 percent cut to the business tax rate, which will also apply to small- and medium-sized institutions. The revised tax policy would also initiate a territorial tax system to level the playing field for American companies.
Tax experts are skeptical Trump can offset the costs of this plan and are eagerly awaiting a full fledged bill with more details.
"This isn’t anything like a fully formed tax reform plan. This appears to be some tax treats from the dessert portion of the tax reform menu. We need to see the vegetables, the fiber of tax reform," said Stephen Ellis, Vice President of Taxpayers for Common Sense.
WATCH | Here's what Trump's earlier tax plan looked like. The outline unveiled today is pretty similar.
One reporter at the briefing asked if Trump has any intention of releasing his tax returns.
"The president has no intention," Mnuchin said, adding that the commander-in-chief has given "more financial disclosure than anyone else."
The American public "has plenty of information," he said.
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