The sweeping tax proposal revealed by the White House on Wednesday—though just a broad outline—contains key elements that could provide more discretionary income for some consumers.

If President Trump gets his way, individuals and families could benefit financially from lower personal income tax rates, a doubling of the standard deduction to $24,000, and lower small business taxes, which could have the effect of boosting local economies.

Democrats criticized the plan as breaks for the wealthy at the expense of the middle class.

"At a time when we have a rigged economy designed to benefit the wealthiest Americans and largest corporations, President Trump’s new tax plan would only make that system worse," Senator Bernie Sanders, an independent from Vermont who vied to be the Democratic presidential nominee, said in a statement. "He would slash taxes for himself and his billionaire friends and significantly increase the deficit, while doing little to help rebuild the collapsing middle class."

Tax brackets would be reduced from seven to three rates, 10 percent, 25 percent, and 35 percent. The plan would eliminate all tax deductions except for the mortgage interest and charitable contributions deductions.

The corporate tax rate would be pushed down to 15 percent from 35 percent and a one-time repatriation tax, rate still unknown, would be used to entice back trillions of corporate dollars now socked away overseas.

Mark Hutchison, a tax partner at Armanino LLP, a California accounting and consulting firm, said it’s too early to tell who might benefit from a final tax reform plan, if one is passed. But he said the broadness of the tax cuts in the White House outline appear positive for consumers and the economy.

“We are seeing a lowering of tax rates overall from small business and corporate rates as well as personal income tax rates," Hutchison said. "That would seem to encourage increased spending from consumers, however we know that traditionally all tax bills have been revenue neutral. We are waiting to comment until we see where the bill is going to make up for lost revenue coming from these cuts."

Dan Olson, principal of Olson Tax & Financial Planning in New York, agreed that its too early to tell who might benefit from any new tax reform. He added that people focus too much on the general tax rates when the more important issue is their ultimate tax burden after deductions.  

“People make decisions at the margin. And the effective rate is the share of income that goes to taxes. The tax bracket is misleading,” he said. “It's possible that higher earners could lose the benefit of a deduction or two, but gain by lower overall tax rates.”

Renee Ordeneaux, an audit partner at Armanino, said the tax cuts on their face appear positive for lower income families.

"A married couple with $25,000 in taxable income (assuming no kids and no earned income credit), might see a reduction of $2,800 or so, which would be really significant at that level of income. That would be a stimulus to the economy, since it would probably all get spent,” Ordeneaux said.

For upper income professionals in high-tax states, the picture is less clear, she said.

“For the real middle class, it’s hard to say without the tax bracket information and further details,” Ordeneaux said.