WASHINGTON (CBS) — Officials are unveiling President Donald Trump’s tax reform plan, which they say cuts the top income tax rate from 39.6 to 35 percent.

The plan would also reduce the current seven personal income tax brackets to three and doubles the standard deduction, White House economic adviser Gary Cohn said.

At a discussion earlier Wednesday at the Newseum, Treasury Secretary Steve Mnuchin called the plan the “biggest tax cut and largest tax reform in the history of our country.”

“It’s trillions of dollars of revenues, it’s tons of jobs. It’s about creating economic growth and jobs,” he said. “This is going to be for small businesses that drive the economy and they will have benefit of this.”

Meanwhile, Republicans are defending Trump’s first 100 days as “productive” on many fronts.

Speaker Paul Ryan made the case that reform of government regulations has been a major success of the president’s first 100 days.

“We are providing relief for energy jobs, for small businesses, for retirees,” he said. “It’s been estimated that the steps we have taken with this administration will save families and businesses $67 billion.”

Also Wednesday, there will be an unusual gathering of all 100 United States senators at the White House for a briefing on tensions with North Korea.

“I am hoping to hear a clearer strategy about where we are going,” said Democratic Delaware Sen. Chris Coons.

“I think it will be very irresponsible for any president to allow the missile program to mature to the point that it could hit America,” said South Carolina Republican Sen. Lindsey Graham. “And I don’t believe Donald Trump is going to let that happen.”

Secretary of State Rex Tillerson is heading to New York and the United Nations, looking for help from China and Russia to contain North Korea.

A new CBS News poll shows only 27 percent of Americans think North Korea is a threat requiring immediate military action.

The same poll shows Trump with a 41 percent job approval rating, with 41 percent of Americans saying they are “excited or optimistic” about what the president is doing. Fifty-seven percent say they are “concerned or scared.”


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