A main part of the proposed tax reform plan released on Wednesday by the Trump administration and the Republicans calls for a repeal of the estate tax, or "death tax".

High costs are putting homes out the reach for many people, forcing others to go homeless or use more of their money to pay higher rents.

But in his address Friday, Trump blasted the minority party for wanting to "substantially" raise taxes.

"Tax reform will protect low income and middle income households, not the wealthy and well-connected", he said.

TheTax Plan the Trump Administration and Congressional tax committees issued yesterday is created to be a more developed and unifying conceptual framework for tax reform.

The plan still must be turned into legislation, which was not expected until after Congress makes progress on the fiscal 2018 budget, perhaps in October.

Some law firm partners may benefit from the end of the estate tax, but that's likely a relatively small crowd within the Am Law 100.

Financial markets rallied on the plan's unveiling, an event long anticipated by traders betting that stocks would benefit from both faster economic growth and inflation. "We double the standard deduction".

The new tax reform plan from the Trump Administration has drawn hefty criticism locally, as financial experts see a likelihood of it raising taxes for middle- and lower-income brackets.

U.S. President Donald Trump participates in the commissioning ceremony of the aircraft carrier USS Gerald R. Ford at Naval Station Norfolk in Norfolk, Virginia, U.S. July 22, 2017. While the state's unemployment rate has fallen somewhat more dramatically than the national average, the "higher paychecks" spotlighted by President Trump have not materialized. The last one was passed in 1986 under Republican President Ronald Reagan. The Council, which drafted a letter to Congress airing its grievances, said that these eliminations will disproportionately impact New Yorkers. But the information released didn't include the income levels applied to the rates, making it hard to know how a typical family's tax bill may be affected. The top individual rate would slip from 39.6 percent to 35 percent. The middle rate of 25% is an amount that now applies to upper-middle income earners, and the top rate of 35% mimics what Bush-era tax rates were before the legislation's sunset provisions took effect during the Obama administration. Another way, also consistent with the framework, would be to have the 35 percent rate kick in at a relatively low level, so it applies to a larger share of the income of upper-end taxpayers.

Republicans hold a thin 52-48 Senate majority and may need some Democratic support to win passage. The Committee for a Responsible Federal Budget says the GOP's plan will add another roughly $2 trillion to the tab.

We know from past regressive tax cuts that no flood of economic growth will cushion any of these blows.

However, a recent study found that lowering tax rates on corporate dividends, which went into effect in 2003, did not encourage corporate investment or hiring.

Robert Pittenger, a Republican from Charlotte, represents the 9th District in the U.S. House, which includes all of Robeson County. They're called that because the income they generate "passes through" directly to their owners, who are then taxed under the individual income tax system.

The Tax Plan is not specific about when its provisions would become effective, other than to place a stake in the sand that immediate expensing, created to be an immediate economic shot in the arm, should be permitted starting today.

-Eliminate the estate tax - paid by those with multimillion-inheritances, a boon for wealthy individuals who inherit businesses, investments and real estate.

The opposing view is that the deduction has turned into a massive federal subsidy to state and local governments.