The White House is proposing comprehensive reforms to the tax code that would wipe out most deductions and simplify the system for individuals into three tax brackets.

The plan unveiled Wednesday would cut the top personal income tax rate from 39.6 percent to 35 percent and double the standard deduction for taxpayers to $24,000.

The plan would also lowers the tax rate for corporations and most small businesses to 15 percent, more than halving the current 35 percent corporate rate.

“Tax reform is long overdue,” National Economic Council Director Gary Cohn told reporters at the White House. “We have a once-in-a-generation opportunity to do something really big.”

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