Donald Trump

President Donald Trump's tax overhaul plan was short on specifics, but one proposal was clear enough to draw howls from residents of high-tax states. The plan would end deductions of state and local taxes from federal income taxes. Those are by far the biggest deductions for many taxpayers.

Taking a cue from the failed Repeal and Replace healthcare process, the Trump administration Wednesday released a broad outline of its tax reform plan, with many details to be spelled out in legislative form during negotiations with Congress.

The White House made its opening bid for what officials called the “biggest tax cut” in U.S. history—with cuts that would benefit businesses, the middle class and certain high-earning individuals—but left unanswered questions about whether the plan would be paid for, or how.

Treasury Secretary Steven Mnuchin confirmed the administration will propose a corporate tax rate reduction to 15 percent and said lawmakers broadly agree on the need for a tax overhaul, citing a “very successful meeting” on Tuesday evening in Washington.

President Donald Trump’s expected call to slash the corporate tax rate to 15 percent—a number that many economists say would boost the deficit so much that the cut would be short-lived—may be less about policy and more about deal-making.

Traders are about to get an idea of how far the president will go to stimulate the economy, after months speculating over the timing and size of his tax plan.

The president’s plan to slash the rate to 15 percent is setting up a showdown with the House Speaker, who has called for a tax plan to pay for itself.

Even without any specific tax-reform proposals, President Donald Trump’s pledge to revamp U.S. policies is already affecting the solar industry, and not in a good way.

Observers are starting to move their predictions for change back to 2018.

The president will call for cutting taxes for individuals and lowering the corporate rate to 15 percent after briefing GOP leaders.