Trump claims his tax reform could slash taxes for the overly-wealthy and the overly-poor alike

But can it be done?

During a press conference at Trump Tower on Monday, Donald Trump announced plans to drastically cut income taxes for Americans across the board. He claims there will be no wiggle room for Wall Street to squeeze out of.

LOS ANGELES, CA (Catholic Online) - CNN reported Trump's claim that his tax plan will "provide major tax relief for middle income and for most other Americans. There will be a major tax reduction ... it'll simplify the tax code, it'll grow the American economy at a level that it hasn't seen for decades."

He designed a provision to help families with small incomes -under $25,000 and under $50,000 for married couples- pay no income taxes under his plan.

Trumps tax plan reads: "They get a new one page form to send the IRS saying, 'I win.'"

Though the idea sounds radical and too-good-to-be-true, the Tax Policy Center estimated many families Trump's tax plan will help already benefit from tax exemptions under the existing tax code.

Alan Cole, an economist at the Tax Foundation, said, "Some of what Mr. Trump has done in his press conference is just sell us on one of the better features of what our income tax already does ... It will probably add to the number of people who don't have to pay any income tax. That was already true of many people and he's just expanding the number of people."

Of course the proposal would not only help low-income households, the wealthiest Americans -such as Donald Trump- would also benefit as those with incomes over $151,001 (and couples making $300,001)+ would pay an income tax rate of 25 percent, which is a 15 percent cut from the current 40 percent rate.

When asked how his proposal would affect his own tax rate, Trump just stated, ""We're reducing taxes, but believe me, there will be people in the very upper echelon that won't be thrilled with this."
Trump was also asked how much he currently paid in taxes, to which the presidential-hopeful responded, "I fight like hell to pay as little as possible."

The main question in everyone's minds was how Trump planned to raise the revenue to offset the tax cuts, particularly since he stated the proposal would not add to America's debt or deficit.
He believes he could make up the difference in several ways including the removal of certain deductions for the wealthy and by creating incentives for U.S. companies to stop outsourcing jobs.

Roberton Williams, a senior fellow at the Tax Policy Center, believes Trump's plan is "hard to swallow."

"On the corporate side the tax cut is very large. On the individual side it's very large ... There just aren't enough tax breaks out there to make this work," he added.

Republican economist Douglas Holtz-Eakin said "I don't know what [Trump] wants. It looks like bits and pieces of other people's plans strung together."

At a campaign stop in Nashville, Tennessee last month, Trump told CNN that Hedge fund managers are interested in backing well-connected special interest groups and best-funded rivals.

"I know them. They are all supporting Jeb Bush and Hillary Clinton," he said. "They make a lot of money and a lot of it is luck. They pick a stock and all of a sudden they make a lot of money. I want the hedge fund guys to pay more taxes."

Despite the questions concerning Trump's ability to make his proposal work, investors are interested as they would pay less than they would under the current tax code.

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