Steve Witkoff, a New York-based real estate developer and a friend of Trump, defended the proposed tax changes, arguing that they could foster an environment in which more Americans take the sort of financial risks that create jobs and feed prosperity.
"The president's plan right now is something that every American should worry hopefully about how it's going to affect them", said Spicer.
A proposal made by the Trump administration Wednesday would likely cause middle-class and wealthy Californians who itemize their federal tax returns to pay hundreds or thousands of additional tax dollars each year. Yet Viard says deductions that aren't favored should be eliminated, but those that are valid shouldn't be negated with an alternative tax.
"If we did something like that then we have extra money and we can put that toward our employees, hiring, getting better employees, paying better; that would help tremendously", says Teal.
Trump's plan to cut tax rates fits nicely with Ryan's goal.
The plan, which still needs the approval of Congress, is set to strip more than US$2 trillion from federal government revenue over 10 years, and many - including economic conservatives from both of the major parties - are concerned that it will blow out the already mammoth federal deficit. "I think the focus on having the economy grow more rapidly is one hundred percent appropriate, it's just not very easy".
Independent analysts say that without significant offsetting measures, the corporate tax cut will nearly certainly lead to an increase in the federal deficit, something Treasury Secretary Steven Mnuchin denied. "It's a routine audit, but I have a very big tax return".
"This tax cut is a massive threat to the incomes of Australian workers".
The seven income tax brackets for individuals would be reduced to thee - 10, 25 and 35 percent - but Trump didn't specify the income ranges. The plan says simply, "Eliminate tax breaks for special interests".
"His tax outline is a wish-list for billionaires, trickle-down all over again - and guess who it is trickling all over?"
Thorpe said that a tax cut typically increases demand for housing.
Democrats were much harsher in their appraisal. Finally, pass-through businesses, including many small companies, would get a 15-percent tax rate.
"According to the treasury, 43 percent of corporate tax is paid for by the top 1 percent".
CRFB estimates that to pay for the plan, USA growth would need to be sustained at 4.5 percent annually, a level not seen on a sustained basis since the late 1960s and early 1970s.
"The doubling of the standard deduction is also a pretty significant in that this will allow those folks that are taking the standard deduction to get twice as much", Ness said.
There would no longer be a 3.8 percent tax on net investment income for couples making more than $250,000 a year. But there's no detail on which incomes fall under each bracket.