President Donald Trump's administration on Wednesday rolled out a tax plan that proposes to slash corporate taxes, tweak personal tax rates, and eliminate most deductions used by more affluent Americans.
The plan was announced by Treasury Secretary Steven Mnuchin and National Economic Council Director Gary Cohn during a White House press briefing.
While the plan contains broad outlines rather than firm legislative text, Mnuchin and Cohn said the plan would include "the biggest tax cut" in US history, echoing statements made by Trump.
While Mnuchin did not apply a deadline to passing a tax plan, he told an event hosted by The Hill earlier Wednesday that the White House and congressional leaders wanted to pass a bill "as quickly as possible."
The plan did not include a large number of key details include the income levels associated with a new three tax bracket system, the tax rate for a one-time repatriation of corporate profits held overseas, and more.
Here are the key points of the plan as it was released:
Here's a one-page summary of the tax plan provided to reporters during a White House briefing:
Mnuchin said the bill would be paid for through economic growth. This uses a formula called dynamic scoring, which uses assumptions that gross domestic product will grow because of increased spending to make up revenue that is cut in the tax bill. The Treasury secretary told the crowd Wednesday that he expected sustained annual GDP growth of 3%.
In response to the Trump plan, Republican congressional leaders released a statement praising the plan and saying ti will "serve as critical guideposts for Congress and the Administration" in the tax cut negotiations. Here's the full statement from House Speaker Paul Ryan, Senate Majority Leader Mitch McConnell, House Ways & Means Committee Chairman Kevin Brady, and Senate Finance Committee Chairman Orrin Hatch:
"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. Lower rates for individuals and families will allow them to keep more of their hard-earned money and empower them to invest more in their future. Getting tax rates down for American companies, big and small, will create new jobs and make the United States a more inviting place to do business. 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."
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