More U.S. adults believe President Trump Donald John TrumpHR McMaster says president's policy to withdraw troops from Afghanistan is 'unwise' Cast of 'Parks and Rec' reunite for virtual town hall to address Wisconsin voters Biden says Trump should step down over coronavirus response MORE will increase their taxes rather than decrease them, according to a new report.

Thirty-eight percent say Trump will raise their taxes in a CBS News survey released Wednesday.

Twenty-five percent believe Trump will lower their taxes, while 33 percent feel he will keep them the same.

ADVERTISEMENT

The White House earlier Wednesday presented a sweeping plan to lower tax rates for individuals and businesses, touted as the biggest tax cut in U.S. history.

The plan would cut the top personal income tax rate from 39.6 percent to 35 percent.

The strategy would also double the standard deduction for taxpayers while eliminating all credits and deductions except for those on mortgages and charitable giving.

The outline’s business side would lower the tax rates for corporations and most businesses to 15 percent, more than halving the current 35 percent corporate rate.

The plan would additionally eliminate the estate tax and the alternative minimum tax.

Wednesday’s outline was a significant milestone in the tax reform debate, with Trump’s administration suggesting broad parameters for future legislation.

White House support will prove crucial for Republicans if they are going to achieve their goal of overhauling the tax code for the first time since 1986.

Republicans argue Trump’s proposal would provide tax relief for individuals and businesses, while making the economy more competitive.

Democrats counter the plan is a giveaway to the wealthy that would expand the deficit.

CBS News conducted its latest survey of 1,214 U.S. adults via cellphone and landline telephone interviews from April 21 to 24. It has a margin of error of 3 percentage points.