Trump unveils blueprint for major tax reforms

U.S. President Donald Trump has released a tax plan that proposes to cut income tax rates, slash taxes for businesses and on overseas corporate profits returned to the country.

Touted as a 'landmark proposal', Trump's tax plan proposes to cut the U.S.'s individual income tax rate from 39.6 percent to 35 percent, and reduce the tax brackets from seven to three - 10 percent, 25 percent and 35 percent, reports the Guardian.

The tax plan was unveiled just days before Trump marks his 100th day in office on Saturday.

"We have a once in a generation opportunity to do something really big. This is about growing the economy, creating jobs." said Gary Cohn, Chief Economic Adviser to Trump.

Under the proposed plan, the corporate tax rate would drop from 35 percent to 15 percent.

The Trump administration also proposed tax relief for families with child and dependent care expenses.

Trump's tax plan would also double the standard deduction for married couples to USD 24,000 and repeal the estate tax.

In a joint statement, Senate Majority Leader Mitch McConnell and House Speaker Paul Ryan said, "The principles outlined by the Trump administration today will serve as critical guideposts for the Congress and administration as we work together to overhaul the American tax system and ensure middle-class families and job creators are better positioned for the 21st century economy."

Earlier, Treasury Secretary Steve Mnuchin described Trump's tax plan as "the biggest tax cut" and the "largest tax reform" in the U.S. history.