Reality check: Will Trump's tax plan really give you a $4,000 pay raise? - Oct. 25, 2017 "Advisers under President Obama and is Hassett's immediate predecessor, characterized the claim that average working households might see $4,000 to $9,000 more in income every year as "wild" in a recent Wall Street Journal opinion piece."
I don't think that there's really a GOP "Tax Plan" out there yet. The devil in taxation is in the details and the current Code and regs comprise about 100,000 pages of "details". I have heard a couple of proposals that make very good sense to me though. The first one is to double the standard deduction and eliminate a wide range of itemized deductions including state and local income tax and mortgage interest. I would eliminate charitable deductions, educational expenses, and retirement plan contributions as well. Most Americans wouldn't see much difference in their taxes but the filing requirements would be simpler. Just eliminating the deduction for charitable contributions would eliminate a whole field of tax controversy litigation. The resulting system would be fairer overall I think. I really don't want to see cuts without reform. The debt needs to be addressed and the longer we put it off, the harder that will be.
Another thing I'd like to see is some sort of "pass through" or tax credit treatment for corporate income coupled with eliminating the deduction for business and investment interest. The deductability of business interest has worked considerable mischief in our economy throughout the 20th and 21st centuries because it ecourages "leverage", a very dangerous but very enticing financial strategy. Stable businesses grow through equitable investment and their own earnings. Unstable ones are usually heavily debt-financed.
