President Donald Trump said he will be releasing his tax and regulations plan Tuesday and he wants to start by cutting taxes and regulations.
Speaking at a news conference with Prime Minister Narendra Modi of India, Trump said it is his intention to be “very, very conservative” and he plans to eliminate most tax deductions, such as the mortgage interest deduction.
He said the plan will eliminate the estate tax, a $1,000-a-year tax that applies only to estates worth more than $5.45 million.
The White House said it has not yet announced the details of the plan but Trump said the administration is considering several options, including the elimination of a popular deduction known as the state and local tax deduction, which is used to reduce state and municipal taxes for most Americans.
Trump has said he is not looking to raise taxes, but his aides say he has been careful not to touch any tax revenue that would result from the plan.
On Tuesday, the White House will unveil a revised version of its tax plan, which will lower rates on the top income earners and increase deductions and credits for the middle class and individuals.
The revised plan will also include a $200 billion tax cut for the wealthiest Americans and the elimination or lowering of some other tax breaks.