The Trump White House is poised to slash taxes for the wealthy, but not for all Americans.
The Trump administration has unveiled a sweeping plan to slash the tax burden on the rich, including a dramatic cut in the top rate for individuals, the largest single tax cut in history.
The White House says it is the first major overhaul of the nation`s tax code since 1986.
The plan is intended to give Americans the opportunity to make tax-free gains on assets they hold overseas.
It would cut taxes for almost all Americans, but only the top 1 percent would get a tax cut.
The top 1% of earners would see their effective tax rates drop by as much as 10 percent, and the top 10 percent would see a reduction of nearly a third.
The top 0.1% of taxpayers would see the largest drop in their tax bills, and only the wealthiest Americans would get tax cuts of nearly 20 percent.
The bill also provides a tax credit to businesses and a temporary deduction for college tuition.
The Republican plan is expected to cost as much or more than $1.5 trillion over the next decade.
The cuts in taxes for those at the top will cost nearly $1,200 a year for every American, according to a Treasury Department analysis.
The plan would cut corporate taxes by nearly a fifth, from 35 percent to 21 percent.
And the plan would eliminate many deductions and credits, such as mortgage interest, charitable contributions and state and local taxes.
The bill includes the largest tax cut for the wealthiest since 1986, when Ronald Reagan cut the top tax rate from 35 to 21%.
The top 1%, on average, would see an additional $1 million a year.
The biggest tax cut of all would go to the wealthiest individuals, who would see nearly a 10 percent tax cut, according the analysis.
That cut would amount to nearly $2.4 trillion over 10 years.
In recent weeks, the Trump administration is pushing for Congress to provide a $1 trillion tax relief package, which is expected in the coming weeks.
The president has said the bill will provide the nation with a $4 trillion windfall.
In the past, Trump has promised to slash corporate taxes in a massive tax cut package.
But his administration is aiming to provide the first tax relief for the rich in more than 20 years.
The administration is planning to give the richest Americans a $10,000 tax credit for $1 billion in investments, which would cost about $7 billion a year in revenue, according a Treasury official.
The credit would be phased out for people making $1-million to $1-$2 million a decade.