Republican Tax Plan is out!

WASHINGTON, D.C. -- Republican's announced their tax plan Thursday morning, and some big cuts are coming!

"The Tax Cut and Jobs Act will deliver real relief for people in the middle. People who are also striving to get there," House Speaker Paul Ryan said.

In plain English, there'll be four tax brackets instead of seven, and the child tax credit and standard deductions will increase. Meaning more kids, less taxes!

"This plan is for the middle class families in this country who deserve a break. It is for the families who are living paycheck to paycheck who just keep getting squeezed," Ryan said.

Not everyone's on board, though. Democratic Rep. Nancy Pelosi took the podium and bashed to the Republican news, "While Republicans ambush the American people with this half-baked tax bill, written in the dark to be raced through Congress before it is understood, we already know some of what to be the truth."

Well don't rev up your wallets just yet. Republican's still have a long way to go before anything is set in stone.