If Trump changes your taxes, here are the deductions and breaks that could go away

“We are going to move this as fast as we can and when we have an agreement (with Congress), we will release the details,” said Treasury Secretary Steven Mnuchin.

One of the critical questions the plan will have to address is whether the elimination of tax breaks will make up for revenues lost from lowering tax rates.

Mnuchin repeated the administration’s pledge that the proposal “will pay for itself” over time as the economy grows and the tax base widens.

For individuals, the Trump administration is proposing cutting the number of personal income tax rates from seven to just three brackets: 10 percent, 25 percent and 35 percent.

The plan also proposed increasing the standard deduction, effectively eliminating taxes on the first $24,000 of a couple’s income. The estate tax and alternative minimum tax would also be eliminated, along with a 3.8 percent investment tax imposed under the Affordable Care Act.

National Economic Council Director Gary Cohn told reporters that “homeownership, charitable giving and retirement savings will be protected, but other tax benefits will be eliminated.”

Those deductions include some of the most popular provisions of the tax code, because they allow households to cut their tax bills by writing off expenses like home mortgage interest and taxes paid to state and local governments.