1040 Forms and TurboTax Application Illustrations Ahead Of 2015 Tax Season
U.S. Department of the Treasury Internal Revenue Service (IRS) 1040 Individual Income Tax forms for the 2015 tax year are seen in this arranged photograph taken in New York, U.S., on Wednesday, Feb. 17, 2016. The IRS began accepting 2015 individual income tax returns today and taxpayers have until Monday, April 18 to file their 2015 tax returns and pay any tax. Photographer: Michael Nagle/Bloomberg via Getty Images Bloomberg—Bloomberg via Getty Images

Here's How President Trump's Tax Plan Would Affect You

The Trump Administration is moving onto its next big policy fight: Dramatically reshaping the tax code.

For now, the White House plan — branded as as the "Unified Framework For Fixing Our Broken Tax Code" — is only a loose set of ideas and principles, with many of the specifics still set to be filled in later.

In general, the plan would eliminate a number of specific deductions for individual taxpayers in favor encouraging more Americans to take the standard deduction and it would end some taxes that hit the richest individuals the most, according to an initial analysis by the non-partisan Tax Policy Center.

Still, you can get a good sense of how the plan will affect you by answering a few simple questions about how you currently pay your taxes.

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