REVEALED: Here are all the details of Trump's massive tax cut plan

On February 9, President Donald Trump told a gathering of manufacturing CEOs at the White House he would release something in "two or three weeks that will be phenomenal in terms of tax."

On Wednesday, almost 10 months later, that tax plan is finally here — most of it, at least.

Trump and the "Big Six" group of Republican tax negotiators rolled out the most detailed look yet at the massive Republican tax reform plan. It is the opening salvo of what will likely be a long process to attempt to overhaul the tax code.

"Too many in our country are shut out of the dynamism of the U.S. economy, which has led to the justifiable feeling that the system is rigged against hardworking Americans," the nine-page plan reads. "With significant and meaningful tax reform and relief, we will create a fairer system that levels the playing field and extends economic opportunities to American workers, small businesses, and middle-income families."

While Republican leaders and the White House want to complete it by the end of the year, Wall Street and political analysts believe the most likely scenario is that a bill could pass by early 2018.

The "Big Six" — made up of National Economic Council Director Gary Cohn, Treasury Secretary Steven Mnuchin, Senate Majority Leader Mitch McConnell, Senate Finance Committee Chair Orrin Hatch, House Speaker Paul Ryan, and House Ways and Means Committee Chair Kevin Brady — has been meeting over the past few months to hash out the details of the tax plan.

More on 'Big Six' member Steven Mnuchin

Treasury Secretary Steven Mnuchin
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Treasury Secretary Steven Mnuchin

Steven Mnuchin, President-elect Trump's nominee for Treasury secretary, testifies during his Senate Finance Committee confirmation hearing in Dirksen Building, January 19, 2017.

(Photo By Tom Williams/CQ Roll Call)

Treasury Secretary nominee Steven Mnuchin sits with Vanessa Trump (R), wife of Donald Trump Jr, before a swearing-in ceremony for senior staff at the White House in Washington, DC January 22, 2017.

(REUTERS/Carlos Barria)

Incoming Trump administration Treasury Secretary nominee Steven Mnuchin departs after working a simulated crisis scenario during transition meetings at the Eisenhower Executive Office Building at the White House in Washington, U.S. January 13, 2017.

(REUTERS/Jonathan Ernst)

Producer Steve Bing (L) and Honoree Steven Mnuchin recipient of the Philanthropic Leadership Award attend The Kaleidoscope Ball - Designing The Future benefitting the UCLA Children's Discovery and Innovation Institute at Mattel Children's Hospital UCLA at Beverly Hills Hotel on April 17, 2013 in Beverly Hills, California.

(Photo by Jason Merritt/Getty Images for BWR)

Steven Mnuchin, Treasury secretary nominee for U.S. President Donald Trump, right, attends a swearing in ceremony of White House senior staff in the East Room of the White House in Washington, D.C., U.S., on Sunday, Jan. 22, 2017. Trump today mocked protesters who gathered for large demonstrations across the U.S. and the world on Saturday to signal discontent with his leadership, but later offered a more conciliatory tone, saying he recognized such marches as a hallmark of our democracy.

(Andrew Harrer/Bloomberg via Getty Images)

 Steve Mnuchin and Lousie Linton arrive at the Premiere of Warner Bros. Pictures' 'Jupiter Ascending' at TCL Chinese Theatre on February 2, 2015 in Hollywood, California.

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Heather Mnuchin and Steve Mnuchin attend The Art Show Gala to Benefit The Henry Street Settlement at The Seventh Regiment Armory on February 23, 2005 in New York City.

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Treasury Secretary nominee Steven Mnuchin attends the inaugural parade of U.S. President Donald Trump in Washington, January 20, 2017. Donald Trump was sworn in earlier as the 45th President of the United States.

(REUTERS/Lucas Jackson)

Donald Trumps' Treasury Secretary Steven Mnuchin arrives on the West Front of the U.S. Capitol on January 20, 2017 in Washington, DC. In today's inauguration ceremony Donald J. Trump becomes the 45th president of the United States.

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Key elements are still missing from the plan, to avoid early pressure from industry groups and lobbyists. Here's what is in the initial version (the full text of the plan is at the bottom of this page):

  • A 20% corporate tax rate: This will be the first time Trump publicly backs down from his promise of a 15% corporate tax rate, one of his earliest campaign promises. The budget math required for a 15% rate was too difficult, so the somewhat higher rate will be the opening bid. That would still bring the current 35% statutory federal rate down significantly.
  • A 25% rate for pass-through businesses: This would apply to people who own their own business. Instead of getting taxed at an individual tax rate for business profits, owners of firms would pay at the pass-through rate. The plan also said it will consider rules to prevent "personal income" from being taxed at this rate. Secretary Mnuchin suggested previously there may be limitations to what types of businesses get this rate. It could apply only to goods-producers and not service-oriented companies, to prevent people from creating limited liability corporations to store their assets and receive a lower rate.
  • Elimination of some business deductions, industry-specific incentives, and more: There were little details given, but the plan includes language regarding the "streamlining" of business tax breaks.
  • A bottom individual tax rate of 12%: The plan is designed to have three tax brackets (for now), with the lowest tax rate being 12%. This will be a slight bump in the bottom bracket, as it now sits at 10%. People currently in the 15% marginal tax bracket are likely included here.
  • A middle tax bracket of 25%: It's not specified what incomes fall into this bracket.
  • The top individual tax rate of 35%: That would be down from the current top rate of 39.6%.
  • A larger standard deduction: To avoid raising taxes on those currently in the 10% tax bracket, the standard deduction for all taxes would be doubled to $12,000 for individuals — up from $6,350 — and $24,000 for married couples — up from $12,700. These are slightly less than the doubled deduction expected.
  • Eliminates most itemized deductions: While not specifically named, the only deduction preserved in the plan explicitly are for charitable gifts and home mortgage interest.
  • Vague promises on retirement savings and other deductions: There are sections of the plan referring to retirement savings and other "provisions" but not much detail is given.
  • Elimination of the state and local tax deduction: The SALT deduction allows people to deduct what they pay in state and local taxes from their federal tax bill. This deduction is mostly taken by wealthier Americans in Democratic states. Around one-third of the benefits from people using the SALT deduction comes from New York, New Jersey, and California.
  • Elimination of the estate tax: Called the "death tax" in the plan, this tax only applied to inherited assets totaling $5.49 million or more in 2017. Very few households pay the estate tax, but it has been a long-time target for Republicans.
  • One-time repatriation tax: This would be a lower, one-time rate for companies to bring back cash held overseas. Officials have indicated the rate could end up somewhere around 10%. Additionally, reports suggest the repatriation may be mandatory for firms.

The Republican drive to pass a tax plan as soon as possible has intensified with the failure to repeal and replace the Affordable Care Act. Going into the second year of Trump's presidency and the start of the midterm election season with no major legislative victories could prove disastrous for the party.

The tax issue, while an imperative for the GOP, could be complicated due to the continued desire to address health care.

Republicans have planned to pass the tax reform bill via budget reconciliation. The process would allow the plan to pass on a simple majority vote in the Senate, avoiding a Democratic filibuster. Some GOP members, however, have suggested combining another attempt at Obamacare repeal with the tax bill for the 2018 reconciliation — making a difficult undertaking even more complicated.

From here, the outline of the tax plan will go to the two committees with jurisdiction over tax legislation — one in each chamber — to craft the blueprint released today into a workable bill.

Then, Congress must pass a budget — with reconciliation instructions included. 

Click here for the full release of the plan

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