How Trump's tax plan could affect you

After President Trump promised a "big announcement" on this issue from his top advisers, Treasury Secretary Steven Mnuchin and National Economic Director Gary Cohn briefed reporters on a tax plan with few details. During the campaign, Trump said he would release the returns after an audit was complete, even though the Internal Revenue Service does not prohibit those under audit from releasing that information.

At the moment, Trump's ambitions are decidedly more modest, reducing today's seven brackets, ranging from 10 percent to 39.6 percent, to three brackets, 10 percent to 35 percent. The plan would eliminate the estate tax, which now applies to individuals with estates of $5.5 million or couples with estates worth $11 million.

The administration has emphasized that the plan was focused on simplifying the tax code and helping middle class Americans.

CRFB estimates the overall cost could go as high as $7 trillion if limits on tax breaks that the plan suggests apply only to high earners. So it's impossible to say what the change would mean in dollars and cents for anyone. The unemployment rate got to 10 percent.

About 70% of Americans, mostly low- to moderate-income, now take the standard deduction and would benefit, Viard says.

The new plan seeks to double this standard tax deduction.

These are the people who have been left behind by an increasingly globalized economy.

For the rest of the 3.3 million households that pay taxes in the Bay State, the benefits of Trump's tax plan are hard to determine, because virtually all of the key details are missing.

The contributions would be tax deductible, then grow tax free.

Families are promised "tax relief to help them with child and dependent care expenses".

Based on the outline, there's every reason to believe the wealthiest people in the United States will receive the biggest cuts under Trump's plan, though many low- and middle-income families would benefit, too. It would eliminate the estate tax, repeal the alternative minimum tax that affects some affluent people, deeply slash corporate rates and reduce investment taxes - all of which could in theory benefit a billionaire real estate magnate like Trump. However, he also warned that for businesses attracted to the US' low tax rates, it may not be as easy as moving offices.

Those run the gamut from mom-and-pop shops to law firms and hedge funds. The true effect will depend on how the Trump administration defines a small-business owner.

Now, the Trump administration wants to try a similar move. He talks (and tweets) about "jobs, jobs, jobs". "This will pay for itself with growth and with reduction of different deductions and closing loopholes", he said.

So if you're scoring at home, a family of five that now claims the standard deduction will actually lose deductions under the Trump plan. But it's clear that the most significant changes are the tax cuts from the top-the wealthiest corporations and individuals.

That's just "magical thinking", says Rose. Trump is considering raising the Child and Dependent Care Tax Credit, a tax break that now allows parents to reduce their tax bills by up to $2,100, based on how much they spend on child care. That would be an immediate boost for the working poor.