Trump administration unveils tax cut principles

The Trump administration on Wednesday unveiled the principles of the long-awaited tax reform plan that will significantly cut income taxes for Americans and corporates, ahead of the administration's first 100 days in office.

The plan would reduce the number of personal income tax brackets from seven to three, and would cut the top individual income tax rate to 35 percent from 39.6 percent, Gary Cohn, director of the White House National Economic Council (NEC), said at a press briefing at the White House.

"We have a once-in-a-generation opportunity to do something really big," Cohn said, noting President Donald Trump has made tax reform a priority and the Republican-controlled Congress also wants to get it done.

At the same time, the plan would cut the corporate income tax rate from 35 percent to 15 percent, according to U.S. Treasury Secretary Steven Mnuchin.