Press reactions the next day varied from headlines that argued "Trump's Finest Moment So Far" (Wall Street Journal) to "Trump's Self-Dealing Tax Plan Looks Like A Disaster" (USA Today).
Turning to business taxes, the CRS report, citing a variety of other studies, found that business effective tax rates would decline significantly under the plan. So why not make USA rate 20 percent inasmuch as this plan has absolutely no method of paying for these tax cuts.
How is President Trump doing on taxes?
Stronger growth could be greatly assisted by reducing health care costs, regulatory burdens and the trade deficit.
However, nearly all of the rest of his tax proposals help the wealthy.
To be fair, the Republican proposals contain some good provisions, like repealing the alternative minimum tax which adversely affects middle class taxpayers.
The Trump Administration's plan - if you can call the perfunctory one-page outline it has released a plan - includes moving to a "territorial" system, which means it would cease taxing the offshore income of USA corporates.
The state School Boards Association reported Wednesday that the average proposed school district tax levy increase for 2017-18 will be 1.48 percent.
The feature of the Trump plan that has gotten the most attention would reduce the federal corporate tax rate from 35 percent to 15 percent.
Many nations have a value-added tax, or VAT, which is similar to a national sales tax. For instance, the document offered scant information about whether larger families would get a break as they do in the current system, how imports and exports would be taxed or what multinational corporations would owe on their earnings overseas. That's equivalent to 3 million full-time jobs! President Trump's proposal undoubtedly makes the tax code simpler and more transparent, though the jury is still out on equity until more details can be provided.
"One of the most hard things about tax reform is estimating the dynamic effect of the reforms", Professor Scott Dyreng said. For a round figure they will pay about $186,780 in taxes.
Leaked Document Indicates Big Proposed Cuts To Drug Czar's Office
Sununu said programs focusing on high-intensity drug trafficking areas "are absolutely critical to our state and vital to our interdiction efforts".
French presidential rivals Macron, Le Pen visit Holocaust memorials
He had arrived by bus with a group of supporters from the northern France FN stronghold of Henin-Beaumont to hear Le Pen. Ms Le Pen has capitalised on anti-EU feeling, and has promised a referendum on France's membership.
China's WeChat blocked in Russia
WeChat, launched in 2011, is not hugely popular in Russia but the blockage may affect Chinese tourists and Russians doing business with China.
This result is not unique to the Tax Foundation's model. President Reagan tried to eliminate it in 1986 but failed. "I think the high-tech sector's a bit at risk". More than two-thirds of respondents support allowing mortgage interest to be deducted from an individual's taxable income. Certainly that amount should, at least, be cut in half.
The good news is that Trump's proposed tax cuts are so dramatic that US lawmakers will likely balk at such a huge loss of revenue and ballooning deficits.
"And I mean way down, I'm proposing actually the single largest tax cut in American history". I'm skeptical of that claim. Gone will be the days when Walgreens considered relocating to Switzerland to avoid America's senseless corporate tax code.
"We are going to double the standard deduction so a married couple wouldn't pay any taxes on the first $24,000 income they earn". With the pass-through rate dropped to 15 percent, those taxpayers would receive an enormous tax cut.
"We've seen resurgence in business sentiment more recently, but you still see a lot of people running companies who are somewhat scarred from the Great Recession, so there's still a lot of caution out there", said Sarah House, an economist at Wells Fargo Securities.
Federal health care programs such as Medicare, Medicaid and Obamacare subsidies now consume roughly 28 percent of the federal budget.
Tax reform may not be uppermost in most voters' minds, but the top income-earners are still enjoying the benefits of the George W. Bush tax cuts. Since 2001, the USA tax code has been changed almost 6,000 times.
The only real problem with putting several trillion dollars back into the pockets of individuals and businesses is that the government subsequently has several trillion dollars less in revenue.
Despite all the negativity above, I do believe we will get some kind of tax reform.
A colleague of mine who works inside the Beltway as a tax legislative analyst told me not to worry. Hopefully it can be accomplished prior to the August recess before the Congressional battle begins in September over the new 2118 fiscal-year budget.