Donald Trump’s tax plan: slash taxes for poor and middle-class families, close loopholes on Wall Street

For once, Donald Trump released a proposal that didn't immediately garner eye rolls.

The front-running presidential candidate unveiled his tax plan on Monday, hours after CBS aired a "60 Minutes" interview in which Trump hinted at what his policy entails.

"If you look at actual raise, some very wealthy are going to be raised," Trump told CBS's Scott Pelley. "Some people that are getting unfair deductions are going to be raised. But, overall, it's going to be a tremendous incentive to grow the economy and we're going to take in the same or more money. And I think we're going to have something that's going to be spectacular."

Trump's goal is to slash taxes for everyone; from the poor to middle-class families to one-percenters. He proposes condensing the current tax code, which consists of seven percentile brackets, into four brackets that would make tax exemptions for corporations and wealthy Americans futile.

Tax-payers earning less than $25,000 annually, or who combine for $50,000 with their spouse, pay zero in income taxes. Middle-income earners see a 15 percent drop, from 40 percent to 25.

"That removes nearly 75 million households - over 50% - from the income tax rolls," Trump stated on campaign website. "They get a new one page form to send the IRS saying, "I win," those who would otherwise owe income taxes will save an average of nearly $1,000 each."

As for offsetting these tax cuts, Trump lays out a four-point plan aimed at closing loopholes companies use to funnel funds overseas, as well as tax exemptions the "very rich" get on life insurance interest. The hope is that corporations are encouraged to bring profits back stateside.

Trump said his plan wouldn't harm the economy because it "introduces a new business income rate within the personal income tax code, they will not harm small businesses either."

A Pew Research Center survey conducted last February found 59 percent of American believed the federal tax system was in need of an overhaul. Just 38 percent of respondents though it worked well or required "only minor changes."

The biggest perception among the 1,504 adults questioned was in wealthy people not paying their fair share. While 75 percent of Democrats said they were bothered by the tax breaks, over 52 percent of those who identified as Republican shared the sentiment.

Regardless of the plan's feasibility - Trump hasn't disclosed how the numbers add up - it's received less criticism than his immigration reform and health care policies. And it falls in line with other GOP presidential hopefuls.

Former Florida Gov. Jeb Bush is campaigning on a similar proposal, only his consists of three tax brackets instead of four. Both candidates are taking aim at corporations but they disagree on how low their tax rate should fall. Bush believes it should fall between 35 and 20 percent while Trump says it should bottom out at 15.

Florida Sen. Marco Rubio suggests simplifying the bracket into two columns: 15 and 35 percent. Like Trump, Rubio would eliminate marriage penalties for families and tax deductions for corporations who disproportionately benefit.

As for how Trump is directly affected, the real estate magnate ignored the question during a press conference Monday afternoon, instead stressing how "we're reducing taxes, but believe me, there will be people in the very upper echelon that won't be thrilled with this."