washington president donald trump propose wednesday big u.s. tax overhaul three decades call tax cut americans prompt criticism plan favor business rich could add trillions dollars deficit proposal draw swift skeptical response senator bob corker lead republican fiscal hawk vow vote federal tax package finance borrow money tell vote bill increase deficit period corker say tuesday would seek re-election 2018 tell reporters trump say tax plan aim help work people create job make tax code simple fair face uphill battle u.s. congress trump republican party divide democrats hostile plan would low corporate small-business income tax rat reduce top income tax rate high-earning american individuals scrap popular tax break include one benefit people high-tax state dominate democrats forge months talk among trump aid top congressional republicans plan contain detail pay tax cut without expand budget deficit add nation 20 trillion national debt plan still must turn legislation expect congress make progress fiscal 2018 budget perhaps october must debate republican-led congressional tax-writing committees analysts skeptical congress could approve tax bill year republicans hope achieve enter next year congressional election campaign least one legislative achievement show 2017. financial market rally plan unveil event long anticipate traders bet stock would benefit fast economic growth inflation event indianapolis trump call plan large tax cut u.s. history want tax reform pro-growth pro-jobs pro-worker pro-family yes tax reform pro-american say real estate mogul-turned-politician promise big tax cut candidate tell reporters personally would gain financially proposal think little benefit people wealth say trump unlike many white house predecessors refuse make public tax return republicans produce major legislative successes since trump take office january even though control white house chamber congress top legislative priority overhaul u.s. healthcare system collapse senate tuesday comprehensive rewrite u.s. tax code elude previous presidents congress decades last one pass 1986 republican president ronald reagan trump plan fall short sweep bipartisan package craft reagan congressional democrats analysts say white house say proposal typical middle-class families would less income subject federal tax trump say first 12,000 earn individual first 24,000 marry couple would tax-free plan would low top individual tax rate pay nation top earners 35 percent 39.6 percent would low top corporate income tax rate 20 percent current 35 percent exist rate high globally many u.s.-based multinationals pay much less headline rate abundant loopholes tax break trump appeal democrats back plan although consult draft republicans hold thin 52-48 senate majority may need democratic support win passage democrats say plan would expand federal deficit order deliver tax cut wealthy americans rather middle-class families trump republicans say try help framework middle class trump tower middle-class house say senator ron wyden top democrat tax law-writing senate finance committee republican kevin brady chairman tax-writing house representatives ways mean committee say expect tax legislation pass end year committee responsible federal budget washington-based policy group estimate wednesday plan contain 5.8 trillion total tax cut decade would net cost 2.2 trillion 2027. analysts warn huge tax cut would balloon deficit economic growth project republicans offset cost fail materialize amid rise interest rat pass-through rate plan would set new 25 percent tax rate pass-through businesses usually small private enterprises partnerships sole proprietorships represent 95 percent u.s. businesses current law profit company pass directly owners tax personal income often top 39.6 percent individual income rate cut 25 percent could mean big tax save small-business owners also vulnerable abuse individuals company analysts say republicans propose eliminate tax deductions target popular ones mortgage interest charitable give call scrap one state local tax payments could especially hurt people high-tax state like california new york step simplify tax return plan would shrink current seven tax bracket three 12 percent 25 percent 35 percent would raise bottom tax rate low-earning americans 12 percent 10 percent analysts say part plan would still mean net tax cut trump propose u.s. tax overhaul stir concern deficit