DEFICITS - The new Pres Trump's Budget is a TAX WINDFALL FOR BILLIONAIRES and the poor and middle class get a little fain. 6 TRILLION DEFICIT EXPECTED.

http://www.newsweek.com/trumps-tax-plan-will-take-trillions-away-government-589983

President Donald Trump will outline major tax cuts for Americans Wednesday that could take trillions of dollars away from the federal government over the next decade and lump it on to the national debt.

The president will be "pretty broad in the principles" of tax reform that he lays out with more details coming in the summer, his director of legislative affairs, Marc Short, told the Associated Press. But what it boils down to is major hikes in the amount people can deduct from their taxes and large cuts for small businesses and corporations.

Currently, individual Americans can claim a $6,300 deduction on their taxable income. That number rises to $12,600 for married couples who file their taxes together. Under Trump’s proposal, those numbers will be significantly higher, according to two people briefed on the plan who spoke anonymously to theWashington Post ahead of Trump’s announcement.

The tax plan Trump touted during his election campaign laid out the most significant tax cuts for Americans since Ronald Reagan introduced measures in the 1980s. Trump proposed to raise deductions from $6,300 to $15,000 for individual filers and from $12,600 to $30,000 for married couples filing jointly.

Read more: Neil Buchanan: Will Tax Reform Go the Way of Trumpcare?

Under the new rules, an individual making $35,000 each year would be able to remove $15,000 from their taxable income through the deduction, leaving just $20,000 for the government to tax.

On top of these tax cuts, Trump is expected to outline his proposal to lower the corporate tax rate from 35 percent to 15 percent. And he will seek to reclassify small, individually-owned businesses that currently file their taxes under the individual code so they are under the corporate tax code instead.

This would affect a broad spectrum of businesses, not just mom-and-pop stores, but large family-owned real estate firms such as his and hedge funds too.

Trump’s plan will be laid out as a series of bullet points on Wednesday, Short said, and the president will ask Congress for ideas on how to improve it over the coming weeks. Specific details of the plan are likely to come together in the coming months, and Republicans are expected to use the legislative process of “reconciliation,” which would give them a filibuster-proof shot at getting any tax bill through the Senate.