The White House has unveiled President Donald Trump's tax plan which would slash the US tax rate on business profits to 15 percent, from 35 per cent, while also offering tax cuts to average Americans.
A one-page summary of his proposals, released at a White House briefing, said Trump also wants to reduce the number of tax brackets to three from seven, double the standard deduction that Americans can claim on their tax returns and repeal the estate tax and alternative minimum tax.
Under US law, only Congress can make major tax law changes.
Lawmakers initially greeted Trump's plan as a starting point for further discussion on overhauling the tax code.