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US President Donald Trump flanked by Republican lawmakers speaks about the passage of tax reform legislation on the South Lawn of the White House in Washington, DC, December 20, 2017.
Trump hailed a "historic" victory Wednesday as the US Congress passed a massive Republican tax cut plan, handing the president his first major legislative achievement since taking office nearly a year ago. / AFP PHOTO / SAUL LOEB        (Photo credit should read SAUL LOEB/AFP/Getty Images)
US President Donald Trump flanked by Republican lawmakers speaks about the passage of tax reform legislation on the South Lawn of the White House in Washington, DC, December 20, 2017. Trump hailed a "historic" victory Wednesday as the US Congress passed a massive Republican tax cut plan, handing the president his first major legislative achievement since taking office nearly a year ago. / AFP PHOTO / SAUL LOEB (Photo credit should read SAUL LOEB/AFP/Getty Images)
PHOTO: SAUL LOEB/AFP/Getty Images
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WASHINGTON, DC - DECEMBER 20:  U.S. President Donald Trump (2nd L) congratulates Speaker of the House Paul Ryan (R-WI) (C) during an event to celebrate Congress passing the Tax Cuts and Jobs Act with Senate Majority Leader Mitch McConnell (R-KY) (L) and other Republican members of the House and Senate on the South Lawn of the White House December 20, 2017 in Washington, DC. The tax bill is the first major legislative victory for the GOP-controlled Congress and Trump since he took office almost one year ago.  (Photo by Chip Somodevilla/Getty Images)
WASHINGTON, DC - DECEMBER 20: U.S. President Donald Trump (2nd L) congratulates Speaker of the House Paul Ryan (R-WI) (C) during an event to celebrate Congress passing the Tax Cuts and Jobs Act with Senate Majority Leader Mitch McConnell (R-KY) (L) and other Republican members of the House and Senate on the South Lawn of the White House December 20, 2017 in Washington, DC. The tax bill is the first major legislative victory for the GOP-controlled Congress and Trump since he took office almost one year ago. (Photo by Chip Somodevilla/Getty Images)
PHOTO: Chip Somodevilla/Getty Images
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WASHINGTON, DC - NOVEMBER 29: The U.S. Capitol cast a reflection on November 29, 2017 in Washington, DC. This week the Republican led Senate is trying gain enough votes to pass a U.S. tax reform bill.  (Photo by Mark Wilson/Getty Images)
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(CNN) —  

Members of the Trump administration outlined the broad strokes of his new tax proposal Wednesday, which would cut the top individual tax rates from 39.6% to 35%.

It would also reduce the number of total rates from seven to three and cut the top tax rate for all businesses to 15%, far below the current top rates.

Here’s the one-page handout the White House distributed to reporters to explain their plan: