Money

The biggest money news of the week in 60 seconds

We know you're busy and, these days, it feels like there's more news than ever to keep up with. Well, we've got you covered.

Here's a preview the week's biggest money stories to watch for and a quick rundown of how they may affect you.

U.S. President Donald Trump signs a Memorandum on Aluminum Imports.
Pool | Getty Images
U.S. President Donald Trump signs a Memorandum on Aluminum Imports.

WHAT'S HAPPENING: President Trump is cutting the corporate tax rate
WHY IT MATTERS: The U.S. economy could get a boost

Trump is embarking on a quest for a huge corporate tax rate cut from 35% to 15%. Lower corporate taxes are seen by some economists as a way to jolt the U.S. economy for you, the people. With less money being tied up in taxes, American businesses can invest more in growth, jobs and research & development.

Sound too good to be true? It may be.

The broad-level plan doesn't say how the revenue lost from this tax cut will be paid for, and some analysts think the plan could add trillions to the deficit. But the hope is that stronger economic growth will help offset the losses. In the meantime, experts say some version of a tax cut is coming, so get ready.

President Donald Trump speaks at the NRA-ILA's Leadership Forum on April 28, 2017 in Atlanta, Georgia.
Scott Olson | Getty Images
President Donald Trump speaks at the NRA-ILA's Leadership Forum on April 28, 2017 in Atlanta, Georgia.

WHAT'S HAPPENING: The individual tax rate may be going down
WHY IT MATTERS: More money in your pocket

Trump also wants to lower your personal income tax and simplify the process.

Lower taxes means more money in your clutch. The number of income brackets would be reduced from seven down to just three: 10 percent, 25 percent and 35 percent. But most deductions would also be eliminated. Great for you.

But what happens to the rich? Some believe the one percent will likely get even richer. The proposal would also eliminate the estate tax, which right now applies to inheritances upwards of $5.5 million. That means there will be more dough for the wealthy to play around with, potentially.

White House officials say there are plenty of benefits to go around – and the lowest earners will likely pay effectively no taxes because the current proposal promises to double the standard deduction.

Again, we still need the details of the final plan. Oh, and it also needs to be approved by Congress, which might be a tough sell.

Model and fashion blogger Alexandra Lapp holds a a yellow Gucci GG Marmont bag.
Christian Vierig | Getty Images
Model and fashion blogger Alexandra Lapp holds a a yellow Gucci GG Marmont bag.

WHAT'S HAPPENING: Gucci is hot ... again
WHY IT MATTERS: Kering stock hit an all-time high

The storied brand that was founded in Florence in the early 1920s is back in vogue. Yeah, you heard right: Gucci, the label that your mom or grandma obsessed over, has come back with a fresh new style, implementing bold colors and designs that are grabbing the attention of international millennials, specifically in China.

Wall Street likes what it hears about Gucci's comeback and has sent shares of its parent company Kering to all-time highs. Sometimes old is sexy.