President Donald Trump’s fiscal 2018 budget proposal would add $100 billion in savings over the next decade, according to a report released Thursday.
The report, which was compiled by the Tax Foundation, a nonpartisan think tank, and the Brookings Institution, a Washington-based think tank that has long pushed for tax reform, estimates the budget proposal could save $2 trillion over the coming decade.
The budget proposal includes $150 billion in cuts to programs that help small businesses and other Americans, the report estimates.
The plan also includes $1.3 trillion in cuts from other federal programs, the budget report found.
The biggest cuts, the Tax Center found, are to the Social Security Administration and Medicare.
The savings would come in the form of an average tax cut of about $100 per person over the decade.
In the budget, Trump calls for $3.2 trillion in tax relief and a $1 trillion in new spending.
The president wants to eliminate a variety of deductions and credits, including for personal and corporate taxes.
The Tax Foundation estimates that the tax plan would increase the federal deficit by $1,000 for every $1 in tax cut that Trump proposes.
Trump’s budget proposal also includes an extension of the estate tax, which has been a focus of Republican lawmakers.
The Tax Foundation estimated in April that repealing the estate and gift taxes would increase federal revenue by about $10 trillion over a decade.
It estimated that repealing both taxes would result in a $8,500 tax cut for the average taxpayer over the same time period.
On Wednesday, Senate Minority Leader Chuck Schumer said the Tax Cuts and Jobs Act would make it easier for Americans to save and invest.
“I believe that if we work together, we can solve the problem of debt,” Schumer said on CNN.
“And if we don’t, we’ll be back to the status quo.”