Trump's 'Massive' Tax Cuts Would Mean More Money in Your Pocket

President Trump wants to finally get the economy growing again by cutting your taxes and taxes on businesses. 

The White House is releasing the blueprint today for the president's massive tax cuts – a move that has his supporters checking off yet another campaign pledge.

Imagine Doing Your Taxes on a Postcard

The president's guidelines are expected to focus on cutting tax rates on businesses from 35 percent down to 15 percent.

The Trump administration is also hoping to make the tax code much simpler and easier for individuals – reducing taxes to a large postcard. 

To make it that simple, Trump wants to slash taxes while increasing deductions for individuals.

Boosting Economic Growth

The administration says the cuts will lead to faster economic growth.

During President Obama's last year in office the economy grew at a tepid 1.6 percent. President Trump is hoping for three percent.

Tough Road Ahead

But many economists worry that Trump's tax cuts will result in higher budget deficits – something Republicans opposed under President Obama. 

Democrats are not likely to go along with Trump's tax cut, so the plan could have a difficult road in getting through Congress.

It's What Voters Want

Still voters made it clear that the economy, jobs and higher wages are a top issue for them and the White House is working on just that. 

Wall Street is still optimistic about the Trump administration, with the NASDAQ closing above 6,000 for the first time ever.