Trump is about to unveil his plan for the 'biggest tax cut in history'

Mark Wilson/Getty ImagesPresident-elect Donald TrumpPresident Donald Trump on Wednesday will roll out a massive tax cut and reform plan that proposes to slash corporate taxes, tweak personal tax cuts, and impose a tax on imports favored by some congressional Republicans.

While the plan is expected to be broad outlines rather than firm legislative text, Treasury Secretary Steven Mnuchin said during a speech on Wednesday that the cut will be "the biggest tax cut" in US history, echoing statements made by Trump.

The official announcement is expected later in the day at the White House press conference. Mnuchin confirmed a number of details during a speech Wednesday morning, and a report from the New York Times, citing multiple sources close to the plan, laid out further details of what is expected to be announced.

Here are the key points that are expected to be in the bill:

• Corporate tax rate of 15%: Such a rate would deliver on Trump's campaign promise and lowers the rate fro the current federal statutory rate of 35%.
• Allows pass through rate for business owners: Instead of self-owned businesses being taxed at the personal income rate, business owners would have incomes from operations taxed at the 15% rate. In other words, if you own your own business, income from that business would be taxed at the corporate rate. According to the Times, that could apply to the Trump Organization.
• No border adjustment tax: The tax on imports was favored by House GOP leaders such as Speaker Paul Ryan and Ways and Means Chair Kevin Brady. Mnuchin said the White House talked to Ryan and Brady but believe the tax does not "work in its current form."
• A slight adjustment to individual tax rates: Mnuchin said that the top income tax rate would be somewhere in the "mid-30s," down from its current 39.6% level.
• A change in tax exemptions for the middle class: According to the Times, the plan will propose an increase in the standard deduction for individuals.
• No infrastructure spending: Reports on Tuesday said Trump was considering including infrastructure spending in the plan to try to win over Democrats. Mnuchin denied the report in the speech, saying this will be "just a tax plan."

The White House press briefing, with a formal announcement, is scheduled to take place at 1:30 p.m. ET.

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