(CNN) President Donald Trump on Wednesday unveiled a Republican framework for tax reform that calls for sweeping tax cuts and a simplification of the tax code, framing the effort in a speech as a historic opportunity. Trump in recent weeks has sought to crank up public pressure on the need for sweeping tax reform. The President's tax reform framework proposes cutting the top income tax bracket from 39.5% to 35%, though the plan gives congressional committees latitude to create a fourth, higher income tax bracket. While Trump claimed parts of his tax proposal would hurt his wallet, he seemed sure the plan would bolster his popularity. The White House is now aiming to push tax reform through Congress by the end of the year.

Source: CNN September 27, 2017 19:03 UTC