On Monday, Trump unveiled a new proposal to lower taxes for the wealthy, which could be a major boon for the Republican Party.
Trump is expected to outline the plan during his speech at the Republican National Convention on Thursday.
The proposal would cut the top individual income tax rate to 25 percent and would cut corporate taxes to 15 percent from 20 percent.
Under the plan, corporations would pay a flat tax rate of 10 percent, while individuals would pay 10 percent and the estate tax would be repealed.
The plan also calls for the elimination of the Alternative Minimum Tax, which was imposed on the wealthy by President Obama to pay for Obamacare.
The bill also calls on the IRS to start enforcing a new tax on high-income earners who earn more than $5 million annually, as well as for the government to raise taxes on high earners.
The White House has yet to provide details about the bill.
The Senate Finance Committee is expected on Tuesday to hold a hearing on the tax proposal, and it is likely to be a closely watched hearing, as the plan is likely at odds with Democrats who want to repeal Obamacare and replace it with a system that would help the middle class.
Republicans are hoping the plan will help them get re-elected.
President Donald Trump listens to Republican presidential candidate Ben Carson during a campaign event at the Ronald Reagan Building in Carson City, Nevada, July 19, 2020.
Trump has repeatedly said he wants to lower tax rates for the rich, and he has argued that cutting taxes for everyone is a major accomplishment for his administration.
The tax plan would benefit the top 1 percent of earners by up to $831 billion over a decade, the New York Times reported, citing tax experts.
It would also benefit corporations that would pay more in taxes because of the higher tax rate, the Times said.
The nonpartisan Tax Policy Center estimated that cutting the corporate tax rate would raise about $350 billion over the next decade.
The Trump administration has been criticized for its handling of the healthcare bill, which became law with Republicans in control of both houses of Congress.
Democrats have complained that the legislation, which would have cost the government $2 trillion over 10 years, did not include enough funding for coverage for the millions of people who currently do not have health insurance.