Here's what we know and don't know about the potential tax reform efforts:
What Trump has promised on tax reform
Trump's plan also says businesses should expect their taxes to go down. "No business of any size, from a Fortune 500 to a mom and pop shop to a freelancer living job to job, will pay more than 15% of their business income in taxes," says Trump's tax reform plan.
The federal corporate tax rate ranges from 15-35 percent, according to the Government Accountability Office.
"These lower rates will provide a tremendous stimulus for the economy – significant GDP growth, a huge number of new jobs and an increase in after-tax wages for workers," the Trump plan states. Trump has routinely said that American corporate tax rates are prompting many businesses to grow overseas and ship their goods into the United States.
The plan also calls for "a one-time deemed repatriation of corporate cash held overseas at a significantly discounted 10% tax rate" and "reducing or eliminating deductions and loopholes available to the very rich."
What the Freedom Caucus is saying
"I think there has been a lot of flexibility in terms of some of my contacts and conservatives in terms of not making it totally offset," said Rep. Mark Meadows, the leader of the Freedom Caucus on ABC News' "This Week." "Tax reform and lowering taxes, you know, will create and generate more income. And so we're looking at those, where the fine balance is. But does it have to be fully offset? My personal response is no."
"We haven't taken any official position on the border adjustment tax. We'll be talking not only to the speaker on that," said Meadows. "But we'll be talking to the administration, as well, on what they want to see. I know they have some specific ideas. And as we look to tax reform, the big debate will be over that border adjustment tax. But we're in the information-gathering mode right now."
What Democrats are saying
Democrats have made it clear that they are not on board with lowering taxes on high-income Americans and big businesses, accusing Trump and the Republicans of being in the pockets of special interests.
"The president campaigned as a populist against the Democratic and Republican establishments. But he's been captured by the hard right wealthy special interests," Senate Minority Leader Chuck Schumer told ABC News' George Stephanopoulos on "This Week" on Sunday. "If they do the same thing on tax reform, and the overwhelming majority of the cuts go to the very wealthy, the special interests, corporate America, and the middle class and poor people are left out, they'll lose again."
"If he aims a proposal aimed at the middle class and the poor people, doesn't give breaks to the rich ... we could work with them. But I don't think they're headed in that direction," Schumer continued. "If they want to actually spend some money, Meadows would be vehemently opposed and he'd have to break with the hard right and his caucus, we'll talk to them for sure."
Still, Priebus said he was optimistic some Democrats would get on board. "I think that, moving forward, the president's vision of lowering taxes for every American is what's going to unite not just the Republican Party, but I think some of those Democrats are going to come on board as well," he said.