US President Donald Trump plans to simplify the personal tax code by cutting rates and eliminating deductions used by wealthier Americans.
White House economic adviser Gary Cohn said the plan would cut the top income tax rate from 39.6% to 35%.
It would also reduce the number of personal income tax brackets to three from seven.
The new tax rates would be 10%, 25% and 35%.
The plan would double the standard deduction for married couples to 24,000 dollars (£18,600), while keeping deductions for charitable giving and mortgage interest payments.
The plan would trim other deductions used by high-income Americans, including state and local tax payments.
It would also repeal the estate tax, the catch-all alternative minimum tax and the 3.8% tax on investment income from President Barack Obama's health care law.
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