President Donald Trump's tax plan, introduced during the campaign and outlined in more detail this week, aims to "reduce taxes across the board." But how exactly will it impact you? Will your taxes actually end up lower?

Howmuch.net, a cost information website, has created a handy infographic to help answer that question.

As you'll see in the chart below, the GOP tax plan is a simplification. He wants to reduce the number of individual tax bands from seven to three: 12 percent, 25 percent and 33 percent.

"But simplifying is not necessarily the same as reducing taxes," the cost information site explains.