TUCSON, AZ (Tucson News Now) - The nation had its first look at a new tax plan proposed by President Donald Trump Wednesday morning.
Tax experts say it could be the biggest tax law change the country has seen in decades. The plan, as is, outlines the president's tax proposals.
Lawmakers must still come together and write the legislation. Experts say that's because there are still a lot of details that need to be worked out.
Don Hartman has been an accountant in the Tucson area for several years. He said he and his colleagues are watching this proposal very closely.
He said the biggest takeaways for the average person are few tax brackets and higher standardized deductions.
Under this plan, the brackets would go from seven to three, and possibly a fourth. Don says that means people will have more room to roam.
"People don't have to worry about trying to keep within a small range of tax rates. I do a lot of planning for people who don't want to jump into the next tax bracket," he said.
At this point, we still don't know the criteria for each bracket.
The proposal also calls for increased standardized deductions. They would double to $12,000 for individuals and up to $24,000 for those who are married and filing jointly.
"Let's say you rent, you don't have a home, you don't have high employee business expenses, you don't give a whole lot to charity. Instead of a 6,200 standard deduction on your tax return if you're single, you get a $12,000 deduction. If you're married it's gonna go from $12,000 to $24,000," explained Hartman.
Read the proposal below.