White House summary: Trump proposes 15 percent business tax rate

WASHINGTON, April 26 (Reuters) - U.S. President Donald Trump on Wednesday proposed slashing tax rates for businesses and on overseas corporate profits returned to the country in a plan greeted as an opening gambit by his fellow Republicans in Congress.

The Trump administration touted the president's blueprint - which also calls for raising standard deductions for individuals, repealing inheritance taxes on estates and simplifying tax returns - as a landmark proposal just days before Trump marks his 100th day in office on Saturday.

But while Republicans have long eyed tax cuts and the party controls the House of Representatives and the Senate, Trump's proposal may be unpalatable to party fiscal hawks. It lacks plans for raising new revenue and could potentially add billions of dollars to the federal deficit

President Trump's executive orders

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President Trump's executive orders
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President Trump's executive orders

May 1, 2017

Presidential Executive Order on the Establishment of the American Technology Council

(Photo credit should read MANDEL NGAN/AFP/Getty Images)

April 29, 2017

Presidential Executive Order Addressing Trade Agreement Violations and Abuses

(Photo by Evelyn Hockstein/For The Washington Post via Getty Images)

April 29, 2017

Presidential Executive Order on Establishment of Office of Trade and Manufacturing Policy

(Photo credit should read JIM WATSON/AFP/Getty Images)

April 28, 2017

Presidential Executive Order Implementing an America-First Offshore Energy Strategy

(Photo by Eric Thayer-Pool/Getty Images)

April 27, 2017

Presidential Executive Order on Improving Accountability and Whistleblower Protection at the Department of Veterans Affairs

(Photographer: Olivier Douliery/Pool via Bloomberg)

April 26, 2017

Presidential Executive Order on Enforcing Statutory Prohibitions on Federal Control of Education

(Photo by Jabin Botsford/The Washington Post via Getty Images)

April 26, 2017 

Presidential Executive Order on the Review of Designations Under the Antiquities Act

(Photo credit should read BRENDAN SMIALOWSKI/AFP/Getty Images)

April 25, 2017 

Presidential Executive Order on Promoting Agriculture and Rural Prosperity in America

(Photo by Olivier Douliery-Pool/Getty Images)

April 21, 2017 

Presidential Executive Order on Identifying and Reducing Tax Regulatory Burdens

(Photo by Mark Wilson/Getty Images)

April 18, 2017

Presidential Executive Order on Buy American and Hire American

(Daniel Acker/Bloomberg via Getty Images)

March 31, 2017

Presidential Executive Order Regarding the Omnibus Report on Significant Trade Deficits

(REUTERS/Carlos Barria)

March 31, 2017

Presidential Executive Order on Providing an Order of Succession Within the Department of Justice

(REUTERS/Yuri Gripas)

March 29, 2017

Presidential Executive Order Establishing the President’s Commission on Combating Drug Addiction and the Opioid Crisis

(REUTERS/Jonathan Ernst)

March 28, 2017

Presidential Executive Order on Promoting Energy Independence and Economic Growth

(Photo by Ron Sach-Pool/Getty Images)

March 27, 2017

Presidential Executive Order on the Revocation of Federal Contracting Executive Orders

(Photo credit should read MANDEL NGAN/AFP/Getty Images)

March 13, 2017

Presidential Executive Order on a Comprehensive Plan for Reorganizing the Executive Branch

(REUTERS/Carlos Barria)

March 6, 2017

Executive Order Protecting The Nation From Foreign Terrorist Entry Into The United States

(Photo by Mark Wilson/Getty Images)

February 24, 2017

Presidential Executive Order on Enforcing the Regulatory Reform Agenda

(Photo by Olivier Douliery - Pool/Getty Images)

February 9, 2017

Providing an Order of Succession Within the Department of Justice

(Andrew Harrer/Bloomberg via Getty Images)

February 9, 2017

Presidential Executive Order on Enforcing Federal Law with Respect to Transnational Criminal Organizations and Preventing International Trafficking

(REUTERS/Aaron P. Bernstein)

February 9, 2017

Presidential Executive Order on Preventing Violence Against Federal, State, Tribal, and Local Law Enforcement Officers

(Andrew Harrer/Bloomberg via Getty Images)

February 9, 2017

Presidential Executive Order on a Task Force on Crime Reduction and Public Safety

(Photo by Olivier Douliery - Pool/Getty Images)

February 3, 2017

Presidential Executive Order on Core Principles for Regulating the United States Financial System

(Photo by Cheriss May/NurPhoto via Getty Images)

January 30, 2017

Presidential Executive Order on Reducing Regulation and Controlling Regulatory Costs

(REUTERS/Carlos Barria)

January 28, 2017

Presidential Executive Order on Ethics Commitments By Executive Branch Appointees

(Photo credit should read MANDEL NGAN/AFP/Getty Images)

January 27, 2017

Presidential Executive Order on Protecting the Nation from Foreign Terrorist Entry Into the United States

(Photo by Mark Wilson/Getty Images)

January 25, 2017

Presidential Executive Order on Border Security and Immigration Enforcement Improvements

(Chip Somodevilla/Pool via Bloomberg)

January 25, 2017

Presidential Executive Order on Enhancing Public Safety in the Interior of the United States

(Photo by Jabin Botsford/The Washington Post via Getty Images)

January 24, 2017

Presidential Executive Order Expediting Environmental Reviews and Approvals For High Priority Infrastructure Projects

(Photo credit should read JIM WATSON/AFP/Getty Images)

January 20, 2017

Presidential Executive Order on Minimizing the Economic Burden of the Patient Protection and Affordable Care Act Pending Repeal

(REUTERS/Joshua Roberts)

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The plan was unveiled at the White House by Treasury Secretary Steve Mnuchin and Trump economic adviser Gary Cohn.

Mnuchin called the proposals "core principles" that would be worked on with Congress to produce a bill that can be passed. In answer to questions, he said the plan would pay for itself through economic growth, and by reducing tax deductions and closing loopholes.

"Our objective is to make U.S. businesses the most competitive in the world," he said. "The president is determined to unleash economic growth for businesses."

SEE ALSO: FCC chairman to propose reversing Obama-era rules

Much of the plan had emerged before the formal unveiling. Earlier on Wednesday, RepublicanHouse Speaker Paul Ryan, a longtime champion of a major tax restructuring, expressed optimism about it, even though it did not include a "border adjustment" tax on imports that he has pushed.

That controversial idea was part of earlier initiatives floated by House Republicans as a way to offset revenue losses resulting from steep tax cuts.

"We've seen a sneak preview. We like it a lot," Ryan told a gathering of lobbyists and lawyers. "It puts us on the same page. We're in agreement on 80 percent and on the (remaining) 20 percent we're in the same ballpark."

Republican lawmakers generally greeted Trump's plan as a single viewpoint that will start negotiations in Congress and will ultimately be modified if it becomes law.

Donald Trump's first 100 days

101 PHOTOS
Donald Trump's first 100 days in office, a photo for each day
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Donald Trump's first 100 days in office, a photo for each day
US President Donald Trump takes the oath of office with his wife Melania and son Barron at his side, during his inauguration at the U.S. Capitol in Washington, U.S., January 20, 2017. REUTERS/Kevin Lamarque TPX IMAGES OF THE DAY
U.S. President Donald Trump waves as he leaves the Central Intelligence Agency (CIA) headquarters after delivering remarks during a visit in Langley, Virginia U.S., January 21, 2017. REUTERS/Carlos Barria TPX IMAGES OF THE DAY
U.S. President Donald Trump shows a letter from former President Barack Obama at a swearing-in ceremony for senior staff at the White House in Washington, DC January 22, 2017. REUTERS/Carlos Barria
U.S. President Donald Trump holds up the executive order on withdrawal from the Trans Pacific Partnership after signing it in the Oval Office of the White House in Washington January 23, 2017. REUTERS/Kevin Lamarque
U.S. President Donald Trump speaks to reporters while signing an executive order to advance construction of the Keystone XL pipeline at the White House in Washington January 24, 2017. REUTERS/Kevin Lamarque
U.S. President Donald Trump, left, speaks as U.S. Vice President-elect Mike Pence, center, and John Kelly, secretary of U.S. Homeland Security, stand during a visit to the Department of Homeland Security (DHS) in Washington, D.C. U.S., on Wednesday, Jan. 25, 2017. Trump acted on two of the most fundamental -- and controversial -- elements of his presidential campaign, building a wall on the border with Mexico and greatly tightening restrictions on who can enter the U.S. Photographer: Chip Somodevilla/Pool via Bloomberg
U.S. President Donald Trump speaks briefly to reporters as he arrives aboard Air Force One at Joint Base Andrews, Maryland, U.S. January 26, 2017. REUTERS/Jonathan Ernst
WASHINGTON, DC - JANUARY 27: British Prime Minister Theresa May shakes hands with U.S. President Donald Trump in The Oval Office at The White House on January 27, 2017 in Washington, DC. British Prime Minister Theresa May is on a two-day visit to the United States and will be the first world leader to meet with President Donald Trump. (Photo by Christopher Furlong/Getty Images)
U.S. President Donald Trump, flanked by Chief of Staff Reince Priebus (R), speaks by phone with Russia's President Vladimir Putin in the Oval Office at the White House in Washington, U.S. January 28, 2017. REUTERS/Jonathan Ernst
Activists march to the US Capitol to protest President Donald Trump's executive actions on immigration in Washington January 29, 2017. REUTERS/Aaron P. Bernstein TPX IMAGES OF THE DAY
U.S. President Donald Trump speaks before signing an executive order while surrounded by small business leaders in the Oval Office of the White House in Washington, D.C., U.S., on Monday, Jan. 30, 2017. Trump said he will dramatically reduce regulations overall with this executive action as it requires that for every new federal regulation implemented, two must be rescinded. Photographer: Andrew Harrer/Bloomberg via Getty Images
WASHINGTON, DC - JANUARY 31: (AFP OUT) U.S. President Donald Trump shakes hands with Robert J. Hugin, Executive Chairman, Celgene Corporation, as he meets with representatives from PhRMA, the Pharmaceutical Research and Manufacturers of America in the Roosevelt Room of the White House on January 31, 2017 in Washington, DC. According to its website, PhRMA 'represents the country's leading biopharmaceutical researchers and biotechnology companies.' Kenneth C. Frazier, Chairman and CEO of Merck & Co. looks on from left. (Photo by Ron Sachs - Pool/Getty Images)
Rex Tillerson, U.S. Secretary of State for President Donald Trump, left, speaks as U.S. President Donald Trump listen after the swearing-in ceremony in the Oval Office of the White House in Washington, D.C., U.S., on Wednesday, Feb. 1, 2017. Tillerson won Senate confirmation as secretary of state after lawmakers split mostly along party lines on President Trump's choice of an oilman with no government experience but a career negotiating billions of dollars of energy deals worldwide. Photographer: Michael Reynolds/Pool via Bloomberg
WASHINGTON, DC - FEBRUARY 2: President Trump and Vice President Mike Pence meet with Harley Davidson executives and Union Representatives on the South Lawn of the White House in Washington, DC on Thursday, Feb. 02, 2017. (Photo by Jabin Botsford/The Washington Post via Getty Images)
U.S. President Donald Trump waves as he arrives at West Palm Beach International airport in West Palm Beach, Florida, U.S., February 3, 2017. REUTERS/Carlos Barria
U.S. President Donald Trump and First Lady Melania Trump attend the 60th Annual Red Cross Gala at Mar-a-Lago club in Palm Beach, Florida, U.S., February 4, 2017. REUTERS/Carlos Barria
US President Donald Trump watches the Super Bowl with First Lady Melania Trump (R) and White House Chief of Staff Reince Priebus (L) at Trump International Golf Club Palm Beach in West Palm Beach, Florida on February 5, 2017. / AFP / MANDEL NGAN (Photo credit should read MANDEL NGAN/AFP/Getty Images)
U.S. President Donald Trump salutes as he arrives at MacDill Air Force Base in Tampa, Florida, U.S., February 6, 2017. REUTERS/Carlos Barria
U.S. President Donald Trump receives a figurine of a sheriff during a meeting with county sheriffs at the White House in Washington, U.S. February 7, 2017. REUTERS/Kevin Lamarque TPX IMAGES OF THE DAY
U.S. President Donald Trump speaks while Brian Krzanich, chief executive officer of Intel Corp., left, listens during a meeting at The White House in Washington, D.C., U.S., on Wednesday, Feb. 8, 2017. Trump defended his power to put limits on who can enter the U.S., saying it shouldn't be challenged in the courts even as a three-judge panel weighs whether to reinstate restrictions on refugees and travelers from seven predominantly Muslim nations. Photographer: Chris Kleponis/Pool via Bloomberg
U.S. President Donald Trump watches as Vice President Mike Pence (R) swears in Jeff Sessions (L) as U.S. Attorney General while his wife Mary Sessions holds the Bible in the Oval Office of the White House in Washington, U.S., February 9, 2017. REUTERS/Kevin Lamarque
Japanese Prime Minister Shinzo Abe is greeted by U.S. President Donald Trump (L) ahead of their joint news conference at the White House in Washington, U.S., February 10, 2017. REUTERS/Joshua Roberts
US President Donald Trump and First Lady Melania Trump pose for photos with Japanese Prime Minister Shinzo Abe and his wife Akke Abe at Trump's Mar-a-Lagoresort in Palm Beach, Florida, on February 11, 2017 prior to dinner. / AFP / NICHOLAS KAMM (Photo credit should read NICHOLAS KAMM/AFP/Getty Images)
U.S. President Donald Trump arrives on Air Force One at Joint Base Andrews, Maryland, U.S., February 12, 2017. REUTERS/Carlos Barria
Canadian Prime Minister Justin Trudeau (L) and U.S. President Donald Trump shake hands during a joint news conference at the White House in Washington, U.S., February 13, 2017. REUTERS/Kevin Lamarque
U.S. President Donald Trump listens to U.S. Secretary of Education Betsy DeVos speak at meeting with teachers and parents at the White House in Washington, U.S., February 14, 2017. REUTERS/Kevin Lamarque
U.S. President Donald Trump (2ndR) and first lady Melania Trump greet Israeli Prime Minister Benjamin Netanyahu and his wife Sara (L) as they arrive at the South Portico of the White House in Washington, U.S., February 15, 2017.REUTERS/Kevin Lamarque
U.S. President Donald Trump announces Alexander Acosta as his new nominee to lead the Department of Labor during a news conference at the White House in Washington, U.S., February 16, 2017. REUTERS/Kevin Lamarque
U.S. President Donald Trump walks with his grandchildren Arabella and Joseph to Marine One upon his departure from the White House in Washington, U.S., February 17, 2017. REUTERS/Carlos Barria
U.S. President Donald Trump and first lady Melania Trump acknowledge supporters during a "Make America Great Again" rally at Orlando Melbourne International Airport in Melbourne, Florida, U.S. February 18, 2017. REUTERS/Kevin Lamarque
The motorcade of U.S. President Donald Trump turns into Trump International Golf Club in West Palm Beach, Florida U.S., February 19, 2017. REUTERS/Kevin Lamarque
U.S. President Donald Trump announces his new National Security Adviser Army Lt. Gen. H.R. McMaster (L) and that acting adviser Keith Kellogg (R) will become the chief of staff of the National Security Council at Trump's Mar-a-Lago estate in Palm Beach, Florida U.S. February 20, 2017. REUTERS/Kevin Lamarque TPX IMAGES OF THE DAY
WASHINGTON, DC - FEBRUARY 21: (AFP OUT) President Donald Trump tours the Smithsonian National Museum of African American History & Culture on February 21, 2017 in Washington, DC. (Photo by Kevin Dietsch - Pool/Getty Images)
Director of the Office of Management and Budget Mick Mulvaney (L) listens to U.S. President Donald Trump speak during a "strategic initiatives" lunch at the White House in Washington, U.S., February 22, 2017. REUTERS/Kevin Lamarque
U.S. President Donald Trump arrives for a meeting with experts on addressing human trafficking at the White House in Washington, DC, U.S. February 23, 2017. REUTERS/Jonathan Ernst
U.S. President Donald Trump addresses the Conservative Political Action Conference (CPAC) in Oxon Hill, Maryland, U.S. February 24, 2017. REUTERS/Jonathan Ernst
U.S. President Donald Trump leaves after a dinner at Trump International Hotel in Washington, U.S., February 25, 2017. REUTERS/Yuri Gripas
WASHINGTON, DC - FEBRUARY 26: AFP OUT President Donald Trump delivers brief remarks before a toast during the annual Governors' Dinner in the East Room of the White House February 26, 2017 in Washington, DC. Part of the National Governors Association� annual meeting in the nation's capital, the black tie dinner and ball is the first formal event the Trumps will host at the White House since moving in last month. (Photo by Chip Somodevilla/Getty Images)
WASHINGTON, DC - FEBRUARY 27: U.S. President Donald Trump poses with the Historically Black Colleges and Universities in the Oval Office of the White House, on February 27, 2017 in Washington, DC. (Photo by Aude Guerrucci-Pool/Getty Images)
US Vice President Mike Pence (L) and Speaker of the House Paul Ryan (R) applaud as US President Donald J. Trump (C) arrives to deliver his first address to a joint session of Congress from the floor of the House of Representatives in Washington, DC, USA, 28 February 2017. REUTERS/Jim Lo Scalzo
U.S. President Donald Trump looks up while hosting a House and Senate leadership lunch at the White House in Washington, U.S. March 1, 2017. REUTERS/Kevin Lamarque
U.S. President Donald Trump tours the pre-commissioned U.S. Navy aircraft carrier Gerald R. Ford at Huntington Ingalls Newport News Shipbuilding facilities in Newport News, Virginia, U.S. March 2, 2017. REUTERS/Jonathan Ernst 
U.S. President Donald Trump, joined by U.S. Senator Marco Rubio (from L), U.S. Education Secretary Betsy DeVos and White House advisor Jared Kushner, thanks fourth-grade students for the "Happy Birthday Florida" card they gave him as he visits their classroom at Saint Andrew Catholic School in Orlando, Florida, U.S. March 3, 2017. REUTERS/Jonathan Ernst
WEST PALM BEACH, FL - MARCH 04: US President Donald Trump waves from his vehicle as he stops while being driven past supporters near his Mar-a-Lago resort home on March 4, 2017 in West Palm Beach, Florida. President Trump spent part of the weekend at the house. (Photo by Joe Raedle/Getty Images)
WASHINGTON, DC - MARCH 05: President Donald J. Trump walks across the South Lawn towards the White House on March 5, 2017 in Washington, DC. Trump is returning from a weekend at his Mar-a-Lago club in Palm Beach. Florida. (Photo by Erik S. Lesser-Pool/Getty Images)
U.S. Secretary of State Rex Tillerson (L) and U.S. Attorney General Jeff Sessions stand together after speaking on issues related to visas and travel after U.S. President Donald Trump signed a new travel ban order in Washington, U.S., March 6, 2017. REUTERS/Kevin Lamarque
Beside a painting of Hillary Clinton, U.S. President Donald Trump makes a surprise appearance in front of a tour group at the White House in Washington, U.S. March 7, 2017. REUTERS/Kevin Lamarque
WASHINGTON, DC - MARCH 8: First Lady Melania Trump arrives at a luncheon she was hosting to mark International Women's Day in the State Dining Room at the White House in Washington, DC on Wednesday, March. 08, 2017. (Photo by Jabin Botsford/The Washington Post via Getty Images)
WASHINGTON, DC - MARCH 09: US President Donald Trump greets Dorothy Savarese, CEO of Cape Cod Five Mutual Company, during a National Economic Council listening session with the CEOs of small and community banks, in the Roosevelt Room at the White House on March 9, 2017 in Washington, D.C. (Photo by Kevin Dietsch-Pool/Getty Images)
U.S. President Donald Trump talks with Representative Greg Walden (R-OR) during a healthcare meeting with key House Committee Chairmen at the White House in Washington, U.S., March 10, 2017. REUTERS/Carlos Barria
POTOMAC FALLS, VA - MARCH 11: President Donald Trump has a working lunch with staff and cabinet members and significant others at his golf course, Trump National on March 11, 2017 in Potomac Falls, Virginia. (Photo by Pete Marovich-Pool/Getty Images)
A boy looks at a man dressed in the likeness of U.S. President Donald Trump as ultra Orthodox Jewish men dressed in Purim costumes take part in the reading from the Book of Esther ceremony performed on the Jewish holiday of Purim, a celebration of the Jews' salvation from genocide in ancient Persia, as recounted in the Book of Esther, in Jerusalem March 12, 2017. REUTERS/Ammar Awad
U.S. President Donald Trump is applauded by his cabinet as he signs an executive order entitled "Comprehensive Plan for Reorganizing the Executive Branch" in the Oval Office at the White House in Washington, U.S. March 13, 2017. REUTERS/Jonathan Ernst
U.S. President Donald Trump and Saudi Deputy Crown Prince and Minister of Defense Mohammed bin Salman enter the State Dining Room of the White House in Washington, U.S., March 14, 2017. REUTERS/Kevin Lamarque
U.S. President Donald Trump takes the stage for a rally at Municipal Auditorium in Nashville, Tennessee, U.S. March 15, 2017. REUTERS/Jonathan Ernst
Ireland's Prime Minister Enda Kenny (R) presents a traditional gift of a bowl of shamrocks to U.S. President Donald Trump during a St. Patrick's Day reception at the White House in Washington, U.S. March 16, 2017. REUTERS/Jonathan Ernst
German Chancellor Angela Merkel (L) and U.S. President Donald Trump walk to a joint news conference in the East Room of the White House in Washington, U.S., March 17, 2017. REUTERS/Joshua Roberts
The motorcade of U.S. President Donald Trump makes its way to Trump International Golf Club in West Palm Beach, Florida, U.S., March 18, 2017. REUTERS/Kevin Lamarque
U.S. President Donald Trump speaks to reporters with New England Patriots owner Robert Kraft at his side aboard Air Force One as he departs West Palm Beach, Florida, U.S., to return to Washington March 19, 2017. REUTERS/Kevin Lamarque
U.S. President Donald Trump walks on the South Lawn of the White House to board Marine One before departing to Louisville, Kentucky, in Washington U.S., March 20, 2017. REUTERS/Carlos Barria
U.S. President Donald Trump receives a NASA jacket during a signing ceremony for S442, the NASA transition authorization act, in the Oval Office of the White House in Washington, U.S., March 21, 2017. REUTERS/Kevin Lamarque
U.S. President Donald Trump attends a meeting with the Congressional Black Caucus Executive Committee at the White House in Washington, DC, U.S., March 22, 2017. REUTERS/Carlos Barria
U.S. President Donald Trump reacts as he sits on a truck while he welcomes truckers and CEOs to attend a meeting regarding healthcare at the White House in Washington, U.S., March 23, 2017. REUTERS/Carlos Barria TPX IMAGES OF THE DAY
WASHINGTON, DC - MARCH 24: U.S. President Donald Trump meets with Medal of Honor recipients in the Oval Office of the White House on March 24, 2017 in Washington, DC. The meeting with decorated war heroes took place on Medal of Honor Day (Photo by Olivier Douliery-Pool/Getty Images)
U.S. President Donald Trump leaves after a dinner at Trump International Hotel in Washington, U.S., March 25, 2017. REUTERS/Yuri Gripas
Security personnel stand watch as U.S. President Donald Trump's motorcade arrives at the Trump National Golf Club in Potomac Falls, Virginia, U.S., March 26, 2017. REUTERS/Joshua Roberts
Interior Secretary Ryan Zinke (C) receives a pen after U.S. President Donald Trump signed H.J. Res. 57, in the Roosevelt room of the White House in Washington, U.S., March 27, 2017. REUTERS/Carlos Barria
U.S. President Donald Trump holds up an executive order on "energy independence," eliminating Obama-era climate change regulations, during a signing ceremony at the Environmental Protection Agency (EPA) headquarters in Washington, U.S., March 28, 2017. REUTERS/Carlos Barria
US President Donald Trump jokes with New Jersey Governor Chris Christie during a meeting about opioid and drug abuse in the Roosevelt Room at the White House in Washington, DC, on March 29, 2017. / AFP PHOTO / NICHOLAS KAMM (Photo credit should read NICHOLAS KAMM/AFP/Getty Images)
US President Donald Trump shakes hands with Danish Prime Minister Lars Lokke Rasmussen at the White House in Washington, DC, March 30, 2017. / AFP PHOTO / JIM WATSON (Photo credit should read JIM WATSON/AFP/Getty Images)
U.S. President Donald Trump leaves after speaking at a schedule signing ceremony of executive orders on trade as Vice President Mike Pence (C) reacts at the Oval Office of the White House in Washington, U.S., March 31, 2017. REUTERS/Carlos Barria
TOPSHOT - People wearing masks of US President Donald Trump take part in the 32nd Annual April Fools Day Parade in New York on April 1, 2017. The theme for this years parade is MAKE RUSSIA GREAT AGAIN! The Grand Marshall will be a Donald Trump look-alike. The full parade was actually a April Fools' prank. / AFP PHOTO / TIMOTHY A. CLARY (Photo credit should read TIMOTHY A. CLARY/AFP/Getty Images)
The motorcade of US President Donald Trump arrives at Trump National Golf Club in Potomac Falls, Virginia, April 2, 2017. / AFP PHOTO / SAUL LOEB (Photo credit should read SAUL LOEB/AFP/Getty Images)
WASHINGTON, USA - APRIL 03 : (----EDITORIAL USE ONLY MANDATORY CREDIT - 'PRESIDENCY OF EGYPT / HANDOUT' - NO MARKETING NO ADVERTISING CAMPAIGNS - DISTRIBUTED AS A SERVICE TO CLIENTS----) U.S. President Donald Trump meets Egyptian President Abdel Fattah el-Sisi (R) at the White House in Washington, United States on April 3, 2017. (Photo by Presidency of Egypt / Handout/Anadolu Agency/Getty Images)
U.S. President Donald Trump holds up a chart showing the complexity of regulations as he speaks at the 2017 North America?s Building Trades Unions National Legislative Conference in Washington, U.S., April 4, 2017. REUTERS/Joshua Roberts
U.S. President Donald Trump (L) and first lady Melania Trump (2ndL) welcome Jordan?s King Abdullah (R) and Queen Rania at the White House in Washington, U.S., April 5, 2017. REUTERS/Kevin Lamarque
U.S. President Donald Trump and First Lady Melania Trump welcome Chinese President Xi Jinping and first lady Peng Liyuan at Mar-a-Lago estate in Palm Beach, Florida, U.S., April 6, 2017. REUTERS/Carlos Barria 
U.S. President Donald Trump and China's President Xi Jinping chat as they walk along the front patio of the Mar-a-Lago estate after a bilateral meeting in Palm Beach, Florida, U.S., April 7, 2017. REUTERS/Carlos Barria
US President Donald Trump looks out the window as he departs the Mar-a-Lago estate in Palm Beach, Florida, April 8, 2017. / AFP PHOTO / JIM WATSON (Photo credit should read JIM WATSON/AFP/Getty Images)
Marine One carrying U.S. President Donald Trump prepares to land on South Lawn of the White House in Washington, U.S., April 9, 2017. REUTERS/Joshua Roberts
US President Donald Trump claps for Neil Gorsuch after he took the judicial oath during a ceremony in the Rose Garden of the White House April 10, 2017 in Washington, DC. / AFP PHOTO / Brendan Smialowski (Photo credit should read BRENDAN SMIALOWSKI/AFP/Getty Images)
U.S. President Donald Trump, center, speaks during a strategic and policy discussion with executives at the White House in Washington, D.C., U.S., on Tuesday, April 11, 2017. The Trump administration has been hobbled by botched policy roll-outs and an early failure on another signature promise -- health-care reform -- and it remains to be seen whether Trump's infrastructure pledges can translate to a permanent boost for business. Photographer: Olivier Douliery/Pool via Bloomberg
U.S. President Donald Trump (R) addresses a joint news conference with NATO Secretary General Jens Stoltenberg in the East Room at the White House in Washington, U.S., April 12, 2017. REUTERS/Jonathan Ernst 
WEST PALM BEACH, FL - APRIL 13: US President Donald Trump arrives on Air Force One at the Palm Beach International Airport to spend Easter weekend at Mar-a-Lago resort on April 13, 2017 in West Palm Beach, Florida. President Trump has made numerous trips to his Florida home and according to reports has cost over an estimated $20 million in his first 80 days in office. (Photo by Joe Raedle/Getty Images)
Supporters of U.S. President Donald Trump drive outside the Mar-a-Lago estate in Palm Beach, Florida, U.S., April 14, 2017. Picture taken April 14, 2017. REUTERS/Yuri Gripas
Protestors take part in the 'Tax March' to call on US President Donald Trump to release his tax records on April 15, 2017 in Washington, DC. / AFP PHOTO / Mandel Ngan (Photo credit should read MANDEL NGAN/AFP/Getty Images)
U.S. President Donald Trump and his son Barron board Air Force One at Palm Beach International Airport in West Palm Beach, Florida, U.S. after Easter weekend, April 16, 2017. REUTERS/Yuri Gripas
U.S. President Donald Trump and his son Donald Trump, Jr., watch children roll Easter Eggs at 139th annual White House Easter Egg Roll on the South Lawn of the White House in Washington, U.S., April 17, 2017. REUTERS/Joshua Roberts
U.S. President Donald Trump speaks before signing an executive order directing federal agencies to recommend changes to a temporary visa program used to bring foreign workers to the United States to fill high-skilled jobs during a visit to the world headquarters of Snap-On Inc, a tool manufacturer, in Kenosha, Wisconsin, U.S., April 18, 2017. REUTERS/Kevin Lamarque TPX IMAGES OF THE DAY
U.S. President Donald Trump holds up a New England Patriots jersey as Head Coach Bill Belichick (L) watches during an event honoring the Super Bowl champion New England Patriots at the White House in Washington, U.S., April 19, 2017. REUTERS/Joshua Roberts
US President Donald Trump shakes hands with Italian Prime Minister Paolo Gentiloni (R) during a press conference in the East Room at the White House in Washington, DC, April 20, 2017. / AFP PHOTO / SAUL LOEB (Photo credit should read SAUL LOEB/AFP/Getty Images)
U.S. President Donald Trump shakes hands with Aya Hijazi, an Egyptian-American woman detained in Egypt for nearly three years on human trafficking charges, after she was flown back to the United States on Thursday, in the Oval Office of the White House in Washington, U.S., April 21, 2017. REUTERS/Kevin Lamarque
U.S. President Donald Trump awards a Purple Heart to Army Sgt First Class Alvaro Barrientos at Walter Reed National Military Medical Center in Bethesda, Maryland, U.S., April 22, 2017. REUTERS/Yuri Gripas
Guests watch a video of U.S. President Donald Trump as he addresses the 15th Plenary Assembly of the World Jewish Congress in New York City, U.S., April 23, 2017. REUTERS/Brendan McDermid
With U.S. Ambassador to the United Nations Nikki Haley at his side, U.S. President Donald Trump hosts a working lunch with ambassadors of countries on the UN Security Council at the White House in Washington, U.S., April 24, 2017. REUTERS/Kevin Lamarque
U.S. President Donald Trump delivers the keynote address at the U.S. Holocaust Memorial Museum's "Days of Remembrance" ceremony in the Capitol Rotunda in Washington, U.S, April 25, 2017. REUTERS/Yuri Gripas
Sydney Chaffee receives the 2017 National Teacher of the Year award from U.S. President Donald Trump during an event at the Oval Office of the White House in Washington, U.S., April 26, 2017. REUTERS/Carlos Barria
U.S. President Donald Trump looks out a window of the Oval Office following an interview with Reuters at the White House in Washington, U.S., April 27, 2017. REUTERS/Carlos Barria
U.S. President Donald Trump arrives onstage to deliver remarks at the National Rifle Association (NRA) Leadership Forum at the Georgia World Congress Center in Atlanta, Georgia, U.S., April 28, 2017. REUTERS/Jonathan Ernst
People cheer as U.S. President Donald Trump appears on stage at a rally in Harrisburg, Pennsylvania, U.S. April 29, 2017. REUTERS/Carlo Allegri
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"I welcome the White House's initiative on this, it's a good thing," Republican Representative Peter Roskam, a member of the tax-writing Ways and Means Committee, told lobbyists.

Senate Democratic leader Chuck Schumer assailed the plan and took a jab at Trump, a wealthy New York real estate developer.

"If the president's plan is to give a massive tax break to the very wealthy in this country - a plan that will mostly benefit people and businesses like President Trump's - that won't pass muster with we Democrats," he said in a statement.

U.S. stocks pared gains on Wednesday after the plan was unveiled. While Wall Street has been optimistic about the prospect of corporate tax cuts since Trump's election in November, the stocks rally has stalled lately due to a lack of clarity about Trump's policies and concern over his failure to push through a healthcare bill.

Some analysts said investors were aware of the long road ahead before any tax bill is passed.

"We have a pretty good idea that he (Trump) is targeting lower corporate taxes, lower individual taxes and a simplification of the process, but all that is in an ideal world," said Andre Bakhos, managing director at Janlyn Capital in Bernardsville, New Jersey. "The market will not interpret the plan negatively, but there are obstacles in that course, just like with anything that Trump says and does."

'TAX GIVEAWAY'

Trump's plan would cut the income tax rate paid by public corporations to 15 percent from 35 percent and reduce the top tax rate assessed on pass-through businesses, including small partnerships and sole proprietorships, to 15 percent from 39.6 percent, the White House said.

While public corporations' profits or losses are taxed directly, "pass-through" businesses are taxed under the individual income tax code.

Mnuchin also said that Trump was proposing that corporations bring offshore profits into the country at a rate well below the current 35 percent rate. He did not say what that rate would be, but said that the administration was working with Congress on a low rate.

About $2.6 trillion in profits are being held tax-exempt abroad by U.S. multinationals under a rule that says they are only taxable if brought into the United States, or repatriated. Trump proposes requiring repatriation, but at the lower rate.

If enacted, the measure would produce a one-time surge in revenue that could be dedicated to infrastructure spending, an idea that could attract votes from Democrats.

Democrats and fiscal-hawk Republicans will be concerned about how much Trump's proposals would cause the deficit to balloon. To minimize that impact, Republicans will rely heavily on "dynamic scoring." This is a controversial economic modeling method that attempts to predict economic growth and new tax revenues resulting from tax cuts.

"The overall economic plan consists of massive tax cuts and tax reform, regulatory relief and renegotiating trade deals, and with that we will unlock the economic growth that's been held back for too long in this country," Mnuchin said.

The Retail Industry Leaders Association, comprised of some of the nation's largest retailers, including Wal-Mart Stores Inc , Target Corp and Best Buy Co Inc, praised Trump's call for a lowertax rate and reiterated opposition to the idea of the border adjustment tax. (Additional reporting by Steve Holland, David Lawder and Doina Chiacu; Writing by Doina Chiacu and Frances Kerry; Editing by Kevin Drawbaugh and Jonathan Oatis)

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