President Donald Trump and the Republican leadership in Congress unveiled an outline for tax reform this week.
The new plan is expected to benefit corporations as well as the wealthiest Americans, which includes Trump himself and various members of his Cabinet. The estate tax repeal alone would save Trump $564 million, Wilbur Ross $545 million, Betsy DeVos' father-in-law Richard $900 million, and Linda McMahon $250 million, reports Bloomberg.
Though advisor Gary Cohn claims cuts will be offset entirely by robust and sustained economic growth, skeptics call that "impossible": The plan could cost $2.2 trillion and "add a substantial amount to federal debt," according to an initial assessment by the fiscally conservative Committee for a Responsible Federal Budget.
Still, even if you're not a billionaire, a CEO or a policy wonk, there are good reasons to pay attention. Here are three ways that this tax reform effort could affect you.