Paul Davidson, and Matt Krantz

USA TODAY

Republican presidential nominee Donald Trump on Monday laid out his economic plan — a grab bag of tax breaks for households and corporations, fewer regulatory speed bumps for businesses and a bare-knuckled approach to trade policy.

Here’s a look at how feasible his proposals are and what the impact would be:

•Cut personal income taxes. Trump wants to consolidate the seven tax brackets to three and reduce the top rate from 39.6% to 33%. He would likely struggle to get such large tax breaks through even a Republican Congress, which has been bent on slashing the deficit, without some compromise, economist Mark Zandi of Moody’s Analytics says. If the plan were to pass, the vast majority of the cuts would go to the wealthy, says Chuck Marr, director of federal tax policy for the Center on Budget and Policy Priorities. That would mean a more modest economic benefit since high-income households tend to save, rather than spend, their increased income.

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•Slash corporate taxes. The corporate tax rate would plummet from 35% to 15%, instantly making the U.S. a more desirable location for multinational companies. Gary Hufbauer, a senior fellow with the Peterson Institute for International Economics, says the move would make the U.S. more competitive as it shifts from being the world’s highest-taxing country to among the lowest. But Trump may be going too far. Hufbauer says even a 20% tax rate would put the U.S. in that highly competitive group. And Zandi says the proposal’s major flaw is that Trump has not specified how he would pay for it.

•Cut taxes for small businesses. Many small businesses now pay their personal tax rate for so-called pass-through business income. Trump wants to slash that rate to 15% as well. But more than two-thirds of pass-through income goes to the top 1% of tax filers, Marr says, providing another windfall to the wealthy. And, he says, many would game the system, finding ways to file taxes as small businesses to take advantage of the lower rate.

•Eliminate the estate (or “death”) tax. A proposal to stop taxing inheritances sounds appealing. But in 2016 only the wealthiest individuals — those who inherit at least $5.45 million (or about $10 million for married couples) — are subject to the 40% tax.

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•Scrap the carried interest loophole. This rule allows investment fund partners to treat their income as capital gains, taxing the money at significantly lower rates. Getting rid of a loophole that many experts regard as unfair would appear to create a new income stream. But Marr says many fund partners would simply try to have the money taxed at the even lower pass-through rate for small businesses.

•Cut regulations. Trump says he would place a moratorium on all new agency regulations and eliminate other rules, including for energy companies. While the proposal could be a boon for business investment, Zandi says it can't be judged because Trump has not specified which regulations would be abolished, making it impossible to assess the costs against the benefits.

•Kill the Trans-Pacific Partnership and renegotiate the North American Free Trade Agreement. It would be simple for Trump to back out of the TPP, as it has not been ratified by Congress, Hufbauer says. But he says it would hurt more than help the U.S., which has fewer trade barriers than other participating countries. And it would hand China more control over world trade. The U.S. could seek to renegotiate NAFTA, but it’s unclear what Trump wants from Mexico and Canada. There are currently no tariffs on goods traded in North America. The U.S. also could withdraw from the pact by giving six months notice, Hufbauer says. But that doesn't mean jobs that have moved to Mexico would come streaming back to the U.S. U.S. companies and consumers would simply buy the goods from other countries with low costs. Meanwhile, Mexico would respond in kind, hurting U.S. exports.

•Get tough with China on trade. Trump says he wants to label China a currency manipulator, prevent it from stealing U.S. intellectual property and stop the government from subsidizing exports. If it refuses, Trump has said he would threaten to impose 45% tariffs on Chinese imports. But Hufbauer says China’s loss of its $300 billion trade surplus with the U.S. would not be detrimental to its $4.5 trillion economy and would not convince its autocratic government to buckle to Trump’s demands. “It can stand the hit,” he says. A better tactic, he says, is more traditional, but slower-moving diplomacy.

•Repeal the Affordable Care Act. It would be possible if Trump could get a Republican Congress to go along. That would be unlikely unless lawmakers have a replacement plan that addresses Americans who’ve gained coverage under the law, says Brian Blase, senior research fellow at the Mercatus Center at George Mason University. Younger, healthier people would pay lower premiums and businesses burdened by the new requirements might hire more. But older Americans would pay higher fees and those with pre-existing conditions likely would again find themselves uninsured.