President Donald Trump is expected Wednesday to lay out more details on his plan to slash the corporate tax rate.

It's been reported that that the president aims to drastically cut those taxes to 15 percent from 35 percent.

[READ MORE: Trump likely to propose 15% tax rate for all businesses, not just corporations]

This will likely be welcome news for most of Arizona 195,000 tax-paying businesses.

As for individual taxpayers, they will have to wait and see how Trump proposal will hit their bottom line.

During the campaign, the president talked about reducing the number of income tax brackets from seven to four.

In addition, Trump spoke about cutting the highest income tax rates from 39.6 percent to 25 percent.

Regardless, one estimate said the corporate tax cut alone will cost $2.4 trillion over 10 years.

Some economists say it is too pricey since the president also plans to throw in some spending measures to attract Democrats.

But one local financial expert believes the president's plan will crank up the economy and create jobs.

"We are the third highest taxed country in the world and the other two are third world countries so we have put ourselves at a dramatic disadvantage corporately," said Nancy Tengler, chief investment officer for Heartland Financial.

"I will say this. If it benefits the middle class and it benefits the wealthy, I don't think people are going to object to that," Tengler added.

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