President Donald Trump on Thursday announced his tax reform plan to address the country’s $16 trillion debt, but the plan will hit a broad swath of the American public, according to a new report.
Trump’s proposal is set to hit the lower-income and middle-class hardest, the Associated Press reported, citing a report from The Hill.
Trump has repeatedly stated his goal of lowering the national debt to under $10 trillion.
However, the plan would not only cut taxes for the wealthy, it would also provide tax breaks for the middle class and poor.
“Our goal is to reduce the national deficit, not increase it,” Trump said during a meeting with reporters Thursday morning.
“It is our job to help those people who have no choice, but to pay their fair share, and they’ll be getting a big break, as well.”
The plan would eliminate the estate tax, a tax that allows wealthy individuals and couples to pass their wealth onto their heirs and the rest of society.
The plan also calls for an “income tax holiday,” a tax holiday that would allow Americans to deduct income tax from their taxable income, but not payroll taxes.
It would also cut taxes on the rich by reducing the corporate tax rate to 20% and lowering the mortgage interest deduction.
The AP report said Trump’s plan will include a $2 trillion infrastructure package that would fund the construction of roads, bridges, airports, tunnels, dams, water infrastructure, and other projects.
The White House did not immediately respond to the AP’s request for comment.
The president also announced Thursday that his administration would start an online tool to help consumers find low-cost, affordable prescription drugs, including generic drugs.
The program, called Drug Free America, is designed to help people access affordable prescription medications at pharmacies nationwide, the AP reported.
The Trump administration’s Drug Free USA program is part of a broader effort to help reduce drug prices.
The Centers for Disease Control and Prevention (CDC) said on Thursday that it would continue its opioid crisis response and increase its resources to reduce opioid-related deaths, overdoses and overdose deaths nationwide.
The report noted that the White House’s Drug and Alcohol Abuse Resistance Strategy will also be expanded, with a focus on combating the epidemic.
The administration’s goal is for the Drug Free AMERICA program to reach 30 million people by 2021.
The CDC’s director, Dr. Anthony Fauci, said in a statement Thursday that “The opioid epidemic is an affliction we must confront head on and treat like a disease.”