President Donald Trump and Congressional Republicans have unveiled the first major revamp of the nation's tax code in a generation.
The framework of the plan comes months after closed-door discussions between top Trump administration officials and top Republicans.
In his announcement, Trump called for Democrats and Republicans to get behind the plan.
The plan sweeps, a nearly $6 trillion tax cut and a dramatic simplification of the current tax code.
“The House and Senate will build on this framework and produce legislation that will deliver more jobs, higher pay, and lower taxes.
The plan reduces the number of income tax brackets from seven to three, doubles the standard deduction for single and married filers, and slashes the tax rate for business down from 35% to 20%.
President Trump added that the blueprint would not benefit the wealthy.
“Our framework includes our explicit commitment that tax reform will protect lower income and middle income households, not the wealthy,” Trump said.
However, the proposal includes very few specific numbers, allowing tax writers to work them out during the drafting process.
Democrats have already blasted the outline of the plan.
“Behind Republicans’ vague framework and deceptive math, American people find a billionaire’s first tax plan that fails the middle class,” said minority leader Nancy Pelosi.
Experts say it may be tough moving the tax bill through Congress, especially when you consider the country’s $20 trillion debt.
Associated Press contributed to this report.