President Trump's new tax reform will cut rates for small business owners from 39.6 percent to 15, according the Associated Press. The news comes a day after the administration revealed the reform will reduce both individual and corporate income tax rates, as well as the amount of individual income tax brackets to three — 10 percent, 25 percent and 35 percent. The administration would double the standard deduction, which would eliminate taxes on the first $24,000 of a couple's earnings. The plan, which was officially revealed on Wednesday, also includes child care benefits. Treasury Secretary Steven T. Mnuchin said in a press conference