 Treasury Secretary Steven Mnuchin listens as President Trump speaks at the White House on Feb. 22. (AP Photo/Evan Vucci, File) By Max Ehrenfreund President Trump has promised to reveal the broad strokes of a plan to cut Americans' taxes this week -- a plan he says will be historic in scope. "It will be bigger, I believe, than any tax cut ever. Maybe the biggest tax cut we've ever had," Trump told the Associated Press on Friday. If Trump hopes to make good on that pledge, he'll have tough competition. The ambitious plan Trump put forward during the campaign is smaller, relative to the size of the economy overall, than the cut President Ronald Reagan enacted soon after taking office in 1981. Proponents of a big tax cut say it is a straightforward way for Trump to win a political victory in Congress, giving Americans more money to spend and stimulating the economy with what is likely to be a popular policy. 
Yet critics, including many conservative economists, warn that an aggressive reduction in taxes could force the federal government to borrow more to make up for the foregone money. The result would be more national debt and steeper interest rates, as the government competes with ordinary businesses and households for loans. Here is a look at the largest tax cuts in modern American politics.
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Clip of the day Damian Paletta talks about tax reform. Click here to watch. | 
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