The Trump administration unveiled what it called the biggest tax cuts “in history” on Wednesday, in a move that will simplify the US tax system, slash taxes for businesses large and small – including his own – eliminate inheritance taxes and set the president on a collision course with Congress over the likely $2tn-plus cost of the proposal, as reported in The Guardian.

 President Donald Trump's tax overhaul plan calls for slashing the corporate tax rate from 35 percent to 15 percent.

Under the plan, the number of tax brackets for individuals also would be reduced from seven to three (10 percent, 25 percent and 35 percent).

The overhaul will be "the most significant tax reform legislation since 1986 and one of the biggest tax cuts in American history," Treasury Secretary Steven Mnuchin said in a press briefing at the White House in which National Economic Council Director Gary Cohn also spoke.

 Mnuchin added that the plan would enable the United States economy to grow at an annual clip of 3 percent or more.

Critics immediately called it “basically a huge tax cut for the rich”.

"We will let you know the details at the appropriate moment," Trump economic advisor Gary Cohn said during the unveiling of the one-page, bullet-pointed outline.

What seems certain is that, like the recent healthcare debate, the forthcoming tax battle will set Republicans at each other's throats, as reported in the BBC.

While conservatives traditionally have never met a tax cut they didn't like, many in Congress have taken strong positions in recent years against adding to the budget deficit.

Mr Trump's proposals will surely balloon the deficit unless they're offset elsewhere, which will take more than the promised economic growth and loophole closing.

The treasury secretary said other key elements of Trump's plan were proposals to repeal the estate tax and institute changes that would help families with child and dependent care expenses.

It also will include a one-time repatriation tax on corporate profits held overseas, a measure aimed at enticing companies to bring trillions of dollars back to the US.

"If the president's plan is to give a massive tax break to the very wealthy in this country - a plan that will mostly benefit people and businesses like President Trump's - that won't pass muster with we Democrats," Senate Minority Leader Chuck Schumer said.