President Trump's new tax plan will call for reduced tax rates
on businesses and the wealthy. Tax rates of 20, 25 and 35 percent will be applied to corporate, pass-through businesses and individual Americans. On the individual side, the plan would collapse the tax brackets from seven to three, with tax rates of 12 percent, 25 percent and 35 percent, administration officials said. Passing this tax bill by the end of the year is top priority for Republicans as they look to secure their first major legislative achievement since taking power this year.