The Trump administration unveiled their proposal to overhaul the tax code on April 26, outlining sharply lower tax rates but fewer tax breaks. [White House unveils dramatic plan to overhaul tax code in major test for Trump]Here is a look at some of the major changes that could affect you:Larger standard deduction would mean lower tax bills. The plan calls for doubling the standard deduction that people can claim on their income tax returns, which would lower tax bills for some taxpayers and lead to a much simpler tax filing process for others. [Trump’s tax proposal: What it means for the rich and for the world]Most tax deductions are going away. Some small and family-run businesses are subject to individual income tax rates, which can be as high as 39.6 percent.

Source: Washington Post April 26, 2017 20:00 UTC