President Trump's tax reform plan was only one page long, and thus short on details, but a quick run-down of today's news stories will give you an idea of what it means.

Treasury Secretary Steve Mnuchin can't guarantee middle class wouldn't pay more under tax plan

Treasury Secretary Steve Mnuchin today told ABC News chief anchor George Stephanopoulos that he couldn’t say how Donald Trump's sweeping tax overhaul plan would affect the president personally, while also declining to guarantee that middle-class families wouldn't pay more under the proposal.
"I can't make any guarantees until this thing is done and it’s on the president's desk. But I can tell you, that’s our number one objective in this," Mnuchin said on "Good Morning America."
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Another "objective" of the plan, Mnuchin said, is to ensure no absolute tax cuts for the wealthy. But when pressed further by Stephanopoulos, he declined to make any guarantees on that point as well, and said he couldn't say how the plan would affect Trump himself, amid continued calls for the president to release his tax returns.

CEOs Salivate Over Trump's Tax-Cut Plans, Vague as They May Be

Nothing gets Corporate America going like a tax-cut proposal.
Chief executive officers are keeping their fingers crossed that the skeletal details offered up by President Donald Trump’s administration Wednesday will turn into a concrete proposal to slash the corporate tax rate to 15 percent from the current 35 percent. That would free them up to invest and fuel economic expansion, they said in interviews and conference calls this week.
Skeptics argue that companies would only pass along tax savings to investors, boosting special dividends and buybacks. The one-page list of principles that Trump’s administration released Wednesday cited the elimination of “tax breaks for special interests,” signaling that some companies might have to give up subsidies they currently receive. But for now, the nation’s business chieftains are rooting for the Republican president.

The last time companies got a break on overseas profits, it didn't work out well

The Trump administration wants to give companies a break on profits earned overseas and brought back to the United States — a program that's been tried before to little effect.
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In the 2004 case, 9,700 companies were eligible to take part in a tax holiday that would bring the overseas cash back at a rate of 5.25 percent, well below the 35 percent rate for profits earned abroad.
Of that group, 843 firms participated. They brought home $312 billion in qualified earnings, or about one-third of the total cash held overseas, according to the CRS. That translated into total deductions of $265 billion.
In the 2005-06 time frame, Pfizer, which repatriated $37 billion, slashed 10,000 jobs. Merck, which brought back $15.9 billion, cut 7,000 jobs, and HP pared its employment rolls by 14,500 after repatriating $14.5 billion.
Most of the money went to repairing balance sheets and rewarding shareholders, according to the CRS. According to one study cited, as much as 91 cents on the dollar went to share repurchases, even though that, along with compensation increases, was an expressly prohibited use by Congress.

Fiscal FactCheck: How Much Will Trump's Tax Plan Cost?

The White House released principles and a framework for tax reform today. We applaud the President's focus on tax reform, but the plan includes far more detail on how the Administration would cut taxes than on how they would pay for those cuts. Based on what we know so far, the plan could cost $3 to $7 trillion over a decade– our base-case estimate is $5.5 trillion in revenue loss over a decade. Without adequate offsets, tax reform could drive up the federal debt, harming economic growth instead of boosting it.
The framework proposes a number of specific changes including: consolidating and reducing individual income tax rates to 10, 25, and 35 percent; doubling the standard deduction; cutting the business tax rate to 15 percent on both corporations and pass-through businesses; repealing the Alternative Minimum Tax (AMT) and estate tax; repealing the 3.8 percent investment surtax from the Affordable Care Act ("Obamacare"); moving to a territorial tax system; and imposing a one-time tax on money held overseas.

Trump Tax Plan Is a Trail of Broken Promises

The bottom line: Tax cuts may be enacted this year, as the plan is to do it without Democrats, but the corporate rate won't be lowered all the way to 15 percent, given the specter of massive deficits. Some of the ideas the White House has suggested for broadening the tax base, like eliminating the deduction for state and local taxes, may face rough sailing, even with some Republicans.
The administration claims it will pick up a lot of revenue from a proposal to slap a 10 percent tax on un-repatriated foreign-source income. But that would only raise a one-time total of $250 billion, and Trump has talked about using that for an infrastructure plan. If instead the administration proposes to use the $250 billion as an offset to the tax cuts, it's a drop in the bucket.
The plan reneges on numerous Trump campaign pledges: that his tax plan wouldn't increase the deficit, that it would primarily benefit the middle class, and that the rich wouldn't get much of a tax break. Further, while boosting the standard deduction, the White House wouldn't say whether it might eliminate the personal exemption; if so, some large middle-class families might not get any tax cut.