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The Trump administration has proposed the biggest tax cut in history, slicing the corporate tax rate from 35 percent to just 15 percent; reformulating personal income tax brackets; and slapping a one-time levy on money held abroad by American companies.

White House officials made the announcement Wednesday afternoon, with National Economic Director Gary Cohn pronouncing it "a historic day" and describing the reform as a "once-in-a-generation opportunity to do something big."

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Trump's tax plan represents the first significant tax reform since 1986.

The changes are meant to spur the economy and make American businesses "the most competitive in the world," said Treasury Secretary Steven Mnuchin.

Related: White House Reveals Biggest Tax Cut in History

Although the plan remains only a rough outline, some specific details were revealed:

The number of personal tax income brackets will be reduced from seven to three

Those brackets will be capped at 10 percent, 25 percent, and 35 percent

All tax deductions other than mortgage and charitable contributions will be eliminated

The death tax will be eliminated

The corporate tax rate will be reduced from 35 percent to 15 percent

There will be a one-time taxy levy on money held abroad by American companies.

There was little movement on Wall Street after the announcement was made, despite the fact that the promise of significant tax reform was one of the key factors driving the "Trump bump" that has propelled the stock market rally since his election last November.