“As President Trump’s top economic advisers faced a barrage of questions on Wednesday about the tax plan they had just unfurled, there was one that they struggled most to answer: how to keep the ‘massive tax cuts’ they proposed from ballooning the federal deficit,” the New York Times reports.

“The White House insists that economic growth will cover the cost, which could be as high as $7 trillion over a decade. But the question will dog Republicans and could fracture their party as they face the prospect of endorsing a plan that many economists and budget analysts warn will increase the deficit. After years of fiscal hawkishness, conservatives now face a moment of truth about whether they truly believe America’s economy is drowning in debt.”

President Trump “proposed sharp reductions in both individual and corporate income tax rates, reducing the number of individual income tax brackets to three — 10%, 25% and 35% — and easing the tax burden on most Americans, including the rich,” the New York Times reports.

“The Trump administration would double the standard deduction, essentially eliminating taxes on the first $24,000 of a couple’s earnings. It also called for the elimination of most itemized tax deductions but would leave in place the popular deductions for mortgage interest and charitable contributions. The estate tax and the alternative minimum tax, which Mr. Trump has railed against for years, would be repealed under his plan.”

Washington Post: “The proposal is an outline – key details are left unfinished – but it presents an initial offer to begin negotiations with lawmakers, as White House officials believe reworking the tax code is one of their biggest priorities to boost economic growth.”

Playbook: “Yes, President Donald Trump is releasing his outlines for tax reform today. But let’s be honest: what he is releasing today will not bear much resemblance to anything that might pass in the coming year.”

“We were up on Capitol Hill and worked our White House sources yesterday, and they all see this not as a line in the sand or as a serious proposal, but as an opportunity to get the conversation started. No, Congress won’t be able to lower corporate and passthrough tax rates to 15 percent. The professionals in the White House realize this — and also realize that they’re beginning to irk Capitol Hill committees by releasing this. Without some corresponding way of paying for such low rates, these rates would blow a massive hole in the deficit. But it reflects a White House itching for action. (That explains their push for a health care vote this week.) And insiders say unlike health care reform, Trump is more personally invested in making sure something happens on tax reform.”