Republican presidential nominee Donald Trump today (August 8, 2016) revised his tax plan to align proposed individual income tax rates with the 12%, 25%, and 33% brackets set in the House Republican tax reform Blueprint released June 24, and said he would work with lawmakers to advance the plan. Trump had previously proposed individual income tax rates of 10%, 20%, and 25% in the initial rollout of his tax plan in September 2015.

In another move that brings his plan closer to the House Republican Blueprint, Trump announced that he is proposing immediate expensing for new business investments. In conjunction with expensing, House Republicans have called for eliminating the deductibility of interest expense. Trump previously proposed an unspecified "reasonable cap" on the deductibility of business interest expense but made no mention of the issue today.

In a wide-ranging economic speech in Detroit, the Republican nominee also announced that he supports full deductibility of average-cost child care expenses.

Otherwise, Trump highlighted previously announced elements of his tax plan, including a 15% corporate income tax rate and a matching 15% business income tax rate within the personal income tax system for pass-through entities. "No American company will pay more than 15% of their business income in taxes," he said, adding that lower business taxes will "end job-killing corporate inversions."

Trump highlighted a one-time deemed repatriation tax of 10% on accumulated foreign earnings. He also restated his desire to eliminate the preferential tax treatment of carried interest and to repeal the estate tax.

Trump used the speech to draw contrasts with Democratic nominee Hillary Clinton, including her proposed tax increases, and said he would be providing more details on economic issues in coming weeks. Clinton is slated to deliver an economic speech in Detroit on Thursday, August 11.

CNBC's Larry Kudlow, a campaign adviser, said today that eventual revisions should bring the cost of the Trump plan down to about $2.5 trillion. Groups had estimated his initial tax proposals to cost roughly $10 trillion.

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Trump speech