Corporate tax to be slashed from 35 per cent to 15 per cent

Top rate cut for individuals from 39.6 per cent to "mid-30s"

Individual tax brackets reduced from seven to three

US stocks hover near record amid optimism

Family on $60,000 will pay less tax

Cuts would wipe out more than $600 billion a year in revenue

Cuts to be paid for by 3 per cent growth boom

Plans presented by Steve Mnuchin and Gary Cohn

President Donald Trump offered relief for the American middle class as part of what the White House called "biggest tax cut in history" as he approached 100 days in office.

Mr Trump's sweeping and ambitious tax reform plan met a campaign promise to reduce taxes and was expected to be widely welcomed by middle income earners who backed him in the election.

Asked what the announcement would mean for a family on $60,000 a year Gary Cohn, Director of Mr Trump's National Economic Council, said: "It means a tax cut."

He added: "We will continue to give you more details as we have them. We have a once in a generation opportunity to do something really big."

The plan included a doubling to $24,000 of the amount a married couple could earn before being taxed.

Mr Cohn said: "In essence we are creating a zero tax rate, yes, a zero tax rate, for the first $24,000 a couple earns.

"Families will benefit from tax relief that will help them with child and dependent care expenses."