President-elect Trump wants to grow the economy by dramatically lowering taxes.
The current individual rate is divided into seven federal brackets, ranging from 10 percent up to 40 percent.
Under Trump's those tax brackets would be whittled down to three, with rates of 12 percent, 25 percent and 33 percent.
Itemized deductions would be capped at $100,000 for single filers and $200,000 for married joint filers.
And the alternative minimum and estate taxes would be repealed.
Here are 10 key provisions from Trump's campaign's tax plan
If all proposals get through the new Congress, a taxpayer earning $48,000 to $83,000 would save roughly one thousand dollars a year.
Anyone in the top one percent, $3.7 million earners and over, would receive one million in annual tax savings.
Scott Greenberg with the Tax Foundation, told CNBC's "Power Lunch" on Friday that It is unlikely that Trump's tax plan, as outlined during the campaign, would be enacted in full by Congress.
"Trump's tax plan would cost the Treasury up to $6 trillion in revenue, which makes it simply unrealistic," said Greenberg. "If investors and businesses are interested in the future of the federal tax code, they should be watching Congress, not the Trump administration."
Yet despite lower rates for individuals, Greenberg believes Congress will try to broaden the tax base by limiting deductions, eliminating credits, and cracking down on tax avoidance techniques, As a result, his recommendation for investors is to hold off realizing capital gains.
"There's a chance that Congress will lower the capital gains rate sometime next year, or at least eliminate the 3.8% surtax on investment income," Greenberg said.
Eric Toder with the Tax Policy Center, told CNBC's "Power Lunch" on Friday, he expects Trump's plan to lose $6.2 trillion over ten years, or roughly 2.6 percent of GDP. "That is a bigger cut as percent of GDP than Reagan and George W. Bush tax cuts," said Toder.
In addition, Toder said many of the details remain "unclear" and allow for potential "game-playing."
CNBC's Jennet Chin contributed to this article