The Trump Administration has released their tax reform proposal.

FOX's Jon Decker reports from the White House:

The President's tax proposal would slash the corporate tax rate from 35 percent to 15 percent and would collapse the income tax system from seven brackets into three: 10 percent, 25 percent and 35 percent.

Treasury Secretary Steven Mnuchin says the proposal will be supported by conservative Republicans who are concerned about exploding the federal deficit:

(Mnuchin) "This will pay for itself with growth and with reduced reduction of different deductions and closing loopholes."

Those assumptions are necessary as the tax cuts would represent billions in lost revenue every year.

At the White House, Jon Decker, FOX News.