President Trump Steve Mnuchin

President Trump’s administration announced sweeping changes to the U.S. tax code on Wednesday. The biggest changes to the tax code is lowering the corporate and small business tax to 15%, and couples will pay zero taxes for the first $24,000 they earn.

The plan also reduces the number of individual income tax brackets from seven to three, simplifying the tax code so individuals can file their taxes on a postcard.

“Our basic premise here is to simplify the tax system, lower rates, and make it easy,” said National Economic Director Gary Cohn during a press briefing at the White House. “We don’t want to penalize people. We want to make the system very fair.”

Treasury Security Steven T. Mnuchin said the “core principles” of Trump’s tax plan are to make business tax rates competitive and bring back trillions of dollars from offshore banks overseas to create more jobs.

Mnuchin said the tax plan will pay for itself with 3 percent economical growth and closes loop holes that gave unfair advantages to the 1%.

The plan will also slash taxes for single mothers and families with child care costs.

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