>> People, these tax cuts are significant. There's never been tax cuts like what we're talking about.>> President Donald Trump and his fellow Republicans unveiling their long awaited tax plan on Wednesday claiming it ushers in a vastly simpler system with lower rates and fewer loopholes. But leaving out many of the details that could make the difference between success and failure.
I'm Andy Sullivan in Washington where Republicans are moving on from their failed effort to repeal Obamacare to their next big project, overhauling America's complicated tax code.>> Members of both parties should agree that we need a tax code that keeps jobs in our country and brings jobs back to our country.
>> The framework hammered out by the White House and top Republican lawmakers calls for lowering the corporate tax rate to 20% from 35% to help US companies better compete globally. It also simplifies the code so that many Americans will be able to file their taxes in a single sheet of paper.
The White house painting it as a boost to the middle class but there are plenty of benefits for the wealthy. Lowering the top rate from 39.6% to 35% and eliminating the estate tax. Democrats blasting the plan as a giveaway to the rich.>> The very wealthiest of Americans get even a bigger tax break.
>> Republicans saying they could possibly add a surtax for the highest earners. Republicans are going to have to tread carefully as they fill in the details over the coming months. No matter what they do, this plan is gonna benefit some people more than others, and those on the losing end are sure to make plenty of noise.
>> Trump and his Republicans celebrating today but they know that they have lots of heavy lifting ahead.