The US treasury secretary Steven Mnuchin finally unveiled portions of the much anticipated Trump tax proposals on Wednesday. Mr. Mnuchin said that the proposal would reduce corporate tax rates from the current 35 percent to 15 percent. The plan also includes a one-time cut-rate tax to induce companies in repatriating trillions of dollars in profit from overseas. That tax rate could be 10 percent according to the proposals or lower.

For individuals, the proposal included simplifications, a cut in the top tax rate from 39.6 per cent to 35 per cent, and a reduction in the number of tax brackets from seven to three. Taxpayers with incomes of up to $24,000 would pay nothing under the plan, and it would double the standard deductions, which would significantly lower the amount of income subject to federal income tax.

Many other deductions are eliminated, but key deductions for mortgage interest and charitable contributions would remain. Among the other measures are the repeal of the estate tax and alternative minimum tax and the scrapping of an Obamacare-related investment income tax.

However, both Mr. Mnuchin and the White House chief economic advisor Gary Cohn said that details of the plans are yet to be worked out and they are still running huge numbers to come back with more specifics. They also acknowledged that they are yet to work out the details with lawmakers on Capitol Hill. Nonetheless, Mr. Mnuchin stressed that the Republican lawmakers on Capitol Hill are on the same page. He also called on to the democrats to work with given broad outlines.

Investors sold US stocks after the proposals were unveiled and the benchmark stock index declined from the day’s high around 2398 to 2384 by closing. Investors remain worried that the tax proposal may not see the final green light in its current form.