Trump's tax plan: proposes reducing number of U.S. tax brackets to 3 from 7

During a joint press conference at the White House, U.S. Secretary of the Treasury Steven Mnuchin and National Economic Director Gary Cohn provided some details of the tax reform proposed by Donald Trump's administration. Cohn stated that Trump is planning the most significant tax reform since 1986.

Key headlines from White House's summary (via Reuters):

• Reducing number of U.S. tax brackets to 3 from 7
• Doubling standard deduction Americans can claim on tax returns
• Tax relief for families with child and dependent care expenses

Key headlines from Cohn:

• Congress wants to get tax reform done
• We hope Democrats will support this effort