What the tax cut plan means for you - Fox29 WFLX TV, West Palm Beach, FL-news & weather

What the tax cut plan means for you

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President Trump announced his sweeping tax reform plan Wednesday. Treasury Secretary Steve Mnuchin called it the ‘biggest tax cut in U.S. history’. 

“We’re going to reduce taxes and simplifying the tax code,” said Gary Cohn, director of National Economic Council. 

The administration laid out their tax cut proposal, aiming to cut taxes dramatically along with reducing the number of tax brackets from seven to three. 

NewsChannel 5’s political analyst, Brian Crowley, said the one-page document leaves many question unanswered. 

“Many of the tax cuts in this package are aimed at the wealthy,” Crowley said. “Will the middle class benefit? That’s yet to be seen.”

The plan would double the standard deduction, meaning a married couple would pay no taxes on the first $24,000 they earn. 

But it would also eliminate all deductions expect for mortgage and charitable deductions. 

“That could have a big impact on families,” Crowley said. 

Experts estimate that the cut in taxes would mean a $4 trillion loss in revenue. 

“I would say today is the start of the great Republican economic experiment,” Crowley said. 

An experiment because, Crowley argues, we don’t know how the government plans to pay for it yet. 

The administration insists that this plan will for itself. 

"This plan is going to lower the debt to GDP,” Mnuchin said. “The economic plan under Trump will grow the economy and will create massive amounts of revenues -- trillions of dollars in additional revenues."

Others remain skeptical if the economy is going to produce those numbers. 

“Their confidence that everything is going to work out just fine is probably in some ways similar to the confidence of economists in 2007 that 2008 would be just dandy,” Crowley said. 

There were reports of the administration planning to remove the tax deductions on 401k plans. No mention of that during Wednesday's rollout. 

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