On the campaign trail, Trump proposed major changes to individual tax rates, including reducing the seven federal tax brackets to three, with rates of 12 percent, 25 percent and 33 percent. He also proposed repealing the alternative minimum tax and the estate tax.
Tax experts estimated that a taxpayer in the U.S. who made $48,000-$83,000 a year would save about $1,000 under Trump's proposed plans, while people making $3.7 million or more annually would receive $1 million in annual tax savings.
"Trump's theory, of course, is that these tax cuts that benefit mostly the wealthy individuals, and in some cases large corporations, would generate additional jobs and growth that would fund the economy and fuel changes for people who feel left out," Rademacher explained of changes that appeared to be weighted in favor of the wealthy.
Trump also pledged to cut corporate tax rates and offer a one-time break to U.S. companies that hold hundreds of billions of dollars in profits overseas to reduce their U.S. tax bill.