Trump unveils new framework for tax reform calling for sweeping cuts

United States President Donald Trump has unveiled a Republican framework for tax reform that calls for sweeping tax cuts and a simplification of the tax code.

"This is a once-in-a-generation opportunity, and I guess it's probably something I could say that I'm very good at," the CNN quoted Trump, as saying, during remarks in Indiana.

"I've been waiting for this for a long time. We're going to cut taxes for the middle class, make the tax code simpler and more fair for everyday Americans. And we are going to bring back the jobs and wealth that have left our country and most people thought left our country for good," he added.

The President further said that his tax cut proposal wouldn't help the country's wealthiest taxpayers, like himself, as he promised to strip away tax breaks and loopholes.

The tax reform framework proposes cutting the top income tax bracket from 39.5 per cent to 35 per cent, though the plan gives congressional committees latitude to create a fourth, higher income tax bracket.

Trump's proposal also offers write-offs for companies that move their manufacturing plants to the U.S. and would incentivise the repatriation of "trillions" of dollars in US companies' profits stashed in tax havens overseas.