>> US Treasury Secretary, Steve Mnuchin, on Wednesday, unveiling the Trump administration's plan to overhaul the US tax system.>> Under the Trump plan, we will have a massive tax cut for businesses and massive tax reform and simplification.>> The plan includes sharp reductions in corporate income taxes and businesses overseas profits.
It also pares down the number of individual tax brackets to just three, a tax cut for most Americans. Across the board cuts raising one big question, how does this plan avoid blowing out the deficit? The Administration's answer.>> This will pay for itself with growth. And with reduced reduction of different deductions and closing loopholes.
>> That explanation unlikely to satisfy deficit hawks but the administration said the outline Wednesday was just a guideline with details to be worked out in negotiations with Congress.