NEW ORLEANS -- There are mixed opinions on President Donald Trump's proposed tax plan.
On Sept. 27, President Trump unveiled his new tax plan that if passed, could change what you pay the government.
"Tax reform will protect low income and middle income households, not the wealthy and well-connected," he said.
The proposed plan would change things like double the standard deduction.
"It simplifies things so much so that people just don't pay taxes in those first $24,000 of money they earn," said House Speaker, Paul Ryan.
It also reduces the number of tax brackets from seven to three, which doesn't necessarily mean everyone will see a tax reduction. So how would the change affect you? It depends.
The plan doesn't say what income levels would fall in the three proposed rates of 12 percent, 25 percent and 35 percent. However, people now in the top 40 percent bracket would likely see their rate drop to 35 percent and get a tax break. Taxpayers currently in the lowest rate at 10 percent would go up to 12 percent and pay more. For everyone else in between, you could pay more, less, or stay the same.
In a tweet, President Trump wrote, "This is the right tax cut @ the right time. We will all succeed & grow together - as one team, one people, & one American family, #taxreform."
However, there are some who aren't so sure.
"A large percentage of middle class families would pay more taxes, looking at this plan I think almost every wealthy family would get a big break," said Senate Democratic Leader, Chuck Schumer.
If it passes, homeowners could also continue to deduct the amount of interest paid on the mortgage. Also, those with the lowest income who currently fall in that 10 percent grouping would have a higher tax rate, but supporters say with a higher deduction they'd pay less overall.
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