Many of the president's "core principles" were similar to promises he made on the campaign trail, including a reduction to 15% in the rate for businesses.
The proposal includes cuts that would benefit businesses, the middle class and certain high-earning individuals but left unanswered questions about whether the plan would be paid for, or how.
Republican presidential candidate Donald Trump described an economic plan that he said would create “the biggest tax revolution since the Reagan tax reform” and “cut regulations massively.”
