During the campaign, President Donald Trump proposed the most significant tax cuts since Ronald Reagan.
Trump's tax plan calls for reducing personal income tax rates from seven to three brackets: 12 percent, 25 percent and 33 percent. His plan also would increase the standard deduction to $15,000, up from $6,300 for single filers, and to $30,000 for married couples filing jointly, up from $12,600.
"For many middle-income taxpayers, the new standard deduction [under Trump's proposal] may exceed their itemized deductions, thus allowing a higher deduction," said Timothy Speiss, chairman of personal wealth advisors at accounting firm EisnerAmper.
The Urban-Brookings Tax Policy Center has estimated how much taxpayers would save annually based on their income under Trump's tax plan as well as a similar one proposed by House Republicans. (See chart below.)