US President Donald Trump says he wants bipartisan co-operation on tax reform, as pressure on him to produce a legislative victory on any front escalates with the collapse of the latest Republican push to repeal Obamacare.
The tax plan has been developed over several months by six White House and congressional Republicans working behind closed doors and with no input from Democrats.
Trump said lawmakers should expect a "very, very powerful document" that would deliver a big tax cut for the middle class.
"We will cut taxes tremendously for the middle class - not just a little bit, but tremendously," said the president.
Republicans, who control the White House and both chambers of Congress have been unable to deliver a significant legislative win on any topic since Trump took office in January.
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Senate Republicans admitted failure on Tuesday in their latest push to replace the 2010 Affordable Care Act, popularly known as Obamacare,, raising pressure on the party to overhaul the tax code this year, although that difficult effort has repeatedly been delayed.
Details of the Trump tax plan that have leaked out showed that the corporate income tax rate would be slashed to 20 per cent from 35 per cent, the rate for "pass-through" businesses to 25 per cent from 39.6 per cent, and the rate for top individual earners to 35 per cent from 39.6 per cent
The Trump plan is expected to be light on specifics, particularly on how to pay for its proposed tax cuts.
