But not everybody.
Using the analysis, Business Insider broke down the financial implications of Trump's most recent tax plan - he has teased the release of an updated plan in the coming weeks - for a variety of tax filers.
By and large, the more you make, the better you would fare under Trump's proposed plan. But one group of filers could actually see their tax bill go up, depending on their tax bracket: families with children - especially single parents.
It's important to keep in mind that no law has been passed, so nothing is a given. If Trump releases a new plan, it's possible there will be some significant changes.
Moreover, Trump and House Republicans don't agree on everything, and he may not get everything he wants in a tax plan.
That said, read on to see the breakdown of how some families could lose money under Trump's tax plan.