The White House has unveiled a new tax reform plan that includes huge cuts for businesses.

President Donald Trump's plan would slash taxes for corporations and small business owners by more than half of what they are paying now. 

It also calls for a reduction of investment and estate taxes for the wealthy.

Tax rates would be cut for individuals, and there is a higher deduction for married couples.

The plan also cuts the number of personal income tax brackets.

"We are going to cut taxes and simplify the tax code by taking the current seven tax brackets we have today and reducing them to only three brackets: a 10-percent bracket, a 25-percent bracket and a 35-percent bracket," said National Economic Council Director Gary Cohn.

Republicans in Congress have praised the plan, but critics claim it will balloon the national debt. 

Some lawmakers say the tax breaks could benefit Trump's businesses, and they are calling on the president to release his tax returns. White House officials say Trump has no intention of releasing his returns.