The White House unveiled its tax plan moments ago, proposing to reduce the number of tax brackets from seven to three. 

The brackets would be 10%, 25% and 35%, while the standard deduction would be doubled so that a married couple would not pay taxes on their first $24,000 of income.

"In essence, we are creating a zero tax rate for the first $24,000 that a couple earns," said Gary Cohn, director of the National Economic Council.

He said this will simplify the process, since "far fewer taxpayers will need to itemize" deductions, meaning tax forms can be filed on one page. 

Cohn said tax reform is "long overdue," proposing a 15% corporate tax rate.

"For the last 25 years, other countries have been aggressively cutting their tax rates and moving to a territorial system in order to attract business and the U.S. has done none of that," he said.

The plan would also repeal the alternative minimum tax. Treasury Secretary Steven Mnuchin followed up, discussing a one-time tax on overseas profits that would aim to repatriate trillions of dollars. 

He said the tax cuts, combined with regulatory relief and the renegotiation of trade deals, is aimed at boosting economic growth to 3% or higher. 

"We will unlock the economic growth that's been held back for too long," said Mnuchin.

Watch the remarks above.


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