President Trump finally unveiled his much-anticipated tax reform to a lot of noise from both sides of the aisle.
So let's take a look at the biggest losers and winners if the plan actually moves forward.
The plan calls for eliminating the Alternative Minimum Tax and the Estate Tax, both of which primarily affect Americans making above $500,000 a year or estates worth above $11 million.
In other words, if your name rhymes with Rump, there's a good chance you can count yourself among the big winners.
Another big winner are corporations.
The Trump tax plan cuts the corporate tax rate from 35% to 15%.
And this is particularly good news for retailers because the Trump plan did not include the border adjustment tax, which would have made products manufactured abroad very expensive.
Now, on to the losers.
If you live in one of the so-called high-tax states, like California, New York, or New Jersey, this plan is actually bad news for you.
That's because Trump wants to eliminate the state and local tax deduction, which means thousands of dollars could be added to your tax bill.
