Stephen Ohlemacher

Associated Press

The Top 10 tax breaks of 2016.

Tax Plan Would Mean Big Changes in Deductions

In order to prevent mounting national debt, the changes would require lawmakers to eliminate or reduce precious tax breaks enjoyed by millions of Americans.

President Donald Trump’s plan to provide massive tax breaks to corporations faces big challenges as Washington struggles with mounting debt and the populist president tries to make good on promises to bring jobs and prosperity to the middle class.

Tax Overhaul Proposes 15% for Business

But critics say a big cut in corporate taxes will add to long-term budget deficits.

In this April 6, 2017, photo, President Donald Trump speaks with reporters on Air Force One while in flight from Andrews Air Force Base, Md., to Palm Beach International Airport, Fla. Trump has scrapped the tax plan he campaigned on and is going back to the drawing board in a search for Republican consensus behind legislation to overhaul the U.S. tax code. The effort, the administration’s first attempt to write legislation, is in its early stages and the White House has kept much of it under wraps. But it has already sprouted the consideration of a series of unorthodox proposals including a drastic cut to the payroll tax, aimed at appealing to Democrats.

Tax Overhaul Unlikely to Meet Deadline

The administration's first attempt to write legislation is still in its early stages and the White House has kept much of it under wraps.

Commerce Secretary-designate Wilbur Ross testifies on Capitol Hill in Washington, Wednesday, Jan. 18, 2017, at his confirmation before the Senate Commerce Committee.

Commerce Sec. Pick is Pro-Union

Billionaire investor Wilbur Ross cited his relationship with the United Steelworkers Union, which has endorsed him for the Cabinet post, as proof that he will work to protect American jobs.