President Trump’s call for a dramatic overhaul of the tax code sets in motion his most ambitious legislative initiative to date, testing whether he can cut the deal of his life on an issue that has long bedeviled Washington.

On Wednesday, Trump issued a one-page outline for changes to the tax code, pinpointing numerous changes he would make that would affect almost every American.

He wants to replace the seven income tax brackets with three new ones, cut the corporate tax rate by more than 50 percent, abolish the alternative-minimum tax and estate tax, and create new incentives to simplify filing returns.

But the White House stopped short of answering key questions that could decide the plan’s fate. For example, Trump administration officials didn’t address how much the plan would reduce federal revenue or grow the debt. They also didn’t specify what income levels would trigger inclusion in each of the three new tax brackets.

The goal, White House officials said, was to cut taxes so much and so fast that it led to immediate economic growth, creating more jobs and producing trillions of dollars in new revenue and wealth over the next decade.

Despite its brevity — it was less than 200 words and contained just seven numbers — the document marked the most pointed blueprint Trump has presented Congress on any matter.

“This is about economic growth, job creation, America first, and that’s what [Trump] cares about,” White House National Economic Council Director Gary Cohn said. “Our tax plan is a big leg of that stool. It’s a big leg. And in many respects, he thinks it’s the most important leg.”

The plan now must navigate a legislative and political gantlet on Capitol Hill that has killed numerous other efforts to rework the tax code.

Business groups were already squaring off. The National Association of Realtors called the proposal a “non-starter,” alleging that it would remove tax incentives for people to buy homes because of changes it would make to certain tax deductions.

The U.S. Chamber of Commerce, by contrast, issued a statement saying the plan would “help drive job creation, investment, and economic growth.”

Ronald Reagan was the last president to shepherd a major tax overhaul through Washington, but he did it by working with Democrats to cut a deal. Treasury Secretary Steven Mnuchin said Wednesday that he would like to negotiate details of the plan with Democrats but would cut them out of talks if necessary and seek only support from Republicans, perhaps by pursuing a strategy known as “reconciliation.” Using that process, a tax overhaul could escape a 60-vote requirement in the Senate, but it also would have a 10-year expiration date.

Trump’s proposal now poses key tests for both parties. Republicans, who for years chided President Barack Obama about any plan to raise the deficit, must decide whether to back a plan that many budget experts calculate will add to record levels of government debt. The Committee for a Responsible Federal Budget said the plan would probably lead to a loss in government revenue by roughly $5.5 trillion over 10 years.

But so far, key Republicans have praised the core of Trump’s plan and signaled a willingness to negotiate with him on key details.

Speaking Wednesday morning on Capitol Hill, House Speaker Paul D. Ryan (R-Wis.) called Trump’s framework “a critical step forward in this effort.”

“We’ve been briefed on what they are going to do, and it is basically along exactly the same lines we want to go,” Ryan said. “So we see this as progress being made, showing that we are moving and getting on the same page. We see this as a good thing.”

Democrats, meanwhile, must decide whether to negotiate with an unpopular president who is threatening to pull away tax revenue that pays for many of their cherished social programs.

“This is an unprincipled tax plan that will result in cuts for the [wealthiest Americans], conflicts for the president, crippling debt for America and crumbs for the working people,” said Sen. Ron Wyden (Ore.), the top Democrat on the Senate Finance Committee.

[Trump’s tax proposal: How his plan could affect you]

Trump’s proposal includes significant changes to both of the major elements of the tax code, the individual side and the business side.

For individuals, it would eliminate the seven existing income tax brackets and replace them with three brackets, containing new rates of 10 percent, 25 percent and 35 percent, based on a person’s income. White House officials haven’t specified which income levels would hit the higher tax brackets, as they see this being part of ongoing discussions with Capitol Hill.

The proposal would also roughly double the standard deduction that Americans can use to reduce their taxable income. The deduction for married couples would rise from $12,600 to $24,000. This would incentivize people not to itemize their tax returns and instead use the larger standard deduction, simplifying the process and potentially saving taxpayers thousands of dollars each year. It may also change how people value certain tax breaks: For example, fewer people might buy homes with the help of the mortgage interest deduction if they don’t itemize their taxes.

The White House plan would eliminate the alternative-minimum tax and the estate tax, provisions that raise billions of dollars each year and mainly raise the taxes paid by wealthier Americans.

To offset the loss of revenue from lower tax rates and other changes, Cohn and Mnuchin said they were proposing to eliminate virtually all tax deductions that Americans claim, provisions that they argued primarily benefited wealthier Americans. Cohn said they would preserve tax breaks for mortgage interest, retirement savings and charitable giving. But almost all others would be jettisoned.

This includes the tax deduction people can claim for the state and local taxes they pay each calendar year, a provision that saves taxpayers more than $1 trillion every 10 years. These taxes can be particularly high in states with higher income taxes, such as California and New York, so the change could be acutely felt there.

“It’s not the federal government’s job to be subsidizing the states,” Mnuchin told reporters at the briefing with Cohn.

For businesses, Trump’s proposal would lower the corporate tax rate from 35 percent to 15 percent. It would also allow millions of small businesses, structured in such a way that they are affected by the individual tax rate, to use the 15 percent rate as well. These businesses, known as “pass-throughs” or “S corporations,” are often small, family-owned firms.

[Trump’s tax proposal: What it means for the rich and for the world]

But they can also be large law firms and lobbying shops, with highly paid top executives. Mnuchin said special protections would ensure that the wealthiest of these earners don’t take advantage of the 15 percent rate, although he didn’t say how the White House would do this.

The White House is also proposing a one-time tax “holiday” to encourage companies to bring several trillions of dollars held in other countries back into the United States. They didn’t specify what that tax rate would be, saying it’s part of negotiations on Capitol Hill, but they said they believed providing this incentive would bring money back for investment and hiring.

“We expect that trillions of dollars will come back on shore and will be reinvested here in the United States, for capital goods and job creation,” Mnuchin said.

This process is called “repatriation,” and it’s controversial. Critics allege that the money is brought back and then paid out in dividends to shareholders instead of being used for hiring and investing.

A key part of Trump’s tax plan during the campaign was to levy a tax or tariff against companies that move overseas and then try to sell their products back to U.S. consumers. Cohn and Mnuchin said they were still looking at alternatives on how to structure this idea, and it was not an element of the plan rolled out Wednesday. They said they found a proposal embraced by House Republican leaders to be unworkable, but they plan to work with key lawmakers to see if adjustments can be made, Mnuchin said.

That GOP plan, led by Ryan and House Ways and Means Committee Chairman Kevin Brady (R-Tex.), would have offset broad reduction in rates with a change in the way imports and exports are taxed, a proposal known as a “border adjustment tax.”

But House Republicans have sought to lower the corporate tax rate only to 20 percent. Lowering it even further, as Trump has proposed, would lead to such a loss in revenue that the proposal could become difficult to pass through Congress, many lawmakers contend.

If Democrats won’t support the White House’s plan, Mnuchin said they could use the reconciliation process to pass the changes through the Senate with a simple majority vote, though this would be very difficult given how sharply they are planning to cut taxes. Mnuchin also said their goal was to permanently change the tax code, but they would consider a shorter-term change if necessary to win political support.

“This is what’s important to get the American economy going,” Mnuchin said. “So I hope [Democrats] don’t stand in the way. And I hope we see many Democrats who cross the aisle and support this. Having said that, if they don’t, we are prepared to look at the reconciliation process.”

One of the biggest tests for Trump’s plan will be fending off critics who allege that his plan would grow the deficit and add trillions of dollars in debt. White House advisers allege that cutting tax rates and eliminating certain deductions will lead to so much economic growth that trillions of dollars in new revenue will be generated. Congress’s nonpartisan budgetary referees at the Joint Committee on Taxation won’t work off that same assumption.

Because of the rules of the Senate, legislation that would result in more borrowing over the long term would be vulnerable to a Democratic filibuster, requiring 60 senators to advance the legislation.

Republicans hold 52 seats in the chamber, and without 60 votes, Trump and his fellow Republicans would only be able to pass more narrowly tailored cuts. Those cuts would eventually expire unless Congress takes action, setting up another fight over taxes.

Video game franchise “Call of Duty” is a moneymaker that has brought in at least $15 billion in revenue for its parent company Activision Blizzard since 2003. It is also a marketing machine that has featured celebrities like Kevin Spacey and Michael B. Jordan, and won awards at Cannes Lions.

Keeping the campaign fresh each year is no easy task. Todd Harvey, svp of global consumer marketing for Activision, said the basis of the company’s strategy is to always pay attention to what CoD fans want.

“We are probably communicating with fans every day, and our marketing campaign gets broader and broader,” said Harvey. “For each campaign, we are very focused on the narrative of the game and what is new every year.”

Under the leadership of CEO Eric Hirshberg, a former Deutsch executive, CoD is known to tease out exclusive content in an upcoming title by baking puzzles into trending digital platforms. The tactic varies every year. New installments typically come to market each November, with teasers starting six months out.

But for this year’s CoD title “WWII,” Activision is placing more focus on billboards rather than popular digital platforms. This is because the first three CoD titles were set in WWII, and news had already leaked that the new game would be set in the same time period. Billboards also make fans feel more physically connected and involved on the ground with the CoD community, Harvey said.

“In the past, we were more teaser-based, but this year, we don’t want to inject unnecessary teaser-like marketing ploys into our campaign,” he said. “We are not teasing out something that our fans have already been waiting for with strong anticipation.”

While Harvey declined to give out many details about the “WWII” campaign in order to preserve the surprise element, this is what the marketing framework roughly looks like: On Wednesday, Michael Condrey and Glen Schofield, the founders and co-studio heads of Sledgehammer Games who developed “WWII,” and Hirshberg will reveal the new game and trailer in a live stream on CallofDuty.com, Facebook, Twitter and Instagram. On the same day, five billboards will go up in New York City, Los Angeles, London and Paris. There are unique codes hidden on the billboards for fans to find. The gamers can then piece the codes together and unlock them on a website. When the codes are cracked, gamers can unlock exclusive content related to “WWII” that cannot be obtained anywhere else.

“There are two different coding languages that we believe the CoD community will identify on their own. That’s part of the challenge and fun,” said Harvey. “Similarly, we won’t be making any formal announcements that the code games are baked into the social and outdoor efforts.”

Of course, it is not the first time that Activision has gamified digital channels. The company spent around $36 million promoting the 2016 CoD title “Infinite Warfare” across digital, print, broadcast and out of home, representing approximately 35 percent of the company’s overall marketing spend, according to Kantar Media. In last year’s campaign, Activision developed a Facebook Messenger chatbot — a buzzy platform at the time — for Lt. Nick Reyes, a character from the new game. Fans could chat with the character and get assistance finding the codes to unlock the “Infinite Warfare” reveal trailer. More than 6 million messages were exchanged between fans and the Lt. Reyes Messenger chatbot during the first 24 hours.

And leading up to the 2015 CoD title “Black Ops 3” release, Activision embedded Snapcodes into various locations in the “Black Ops 2” game. By scanning the codes, players would arrive directly at the CoD Snapchat account, where the first cryptic clues about “Black Ops 3” were waiting to be decoded. This campaign brought Activision’s social agency Edelman a Bronze Entertainment Lion at the Cannes Lions last year.

Harvey believes the trailer is the most important part for each CoD campaign. “I feel lots of personal pressure to make sure that the trailer lives up to everyone’s expectation,” he said. “Smart people can put other [marketing] tactics together.” (Last year’s reveal trailer disappointed some CoD fans.)

Harvey’s team works with 72andSunny on creative, gnet on trailer production, AKQA on digital, Edelman on social as well as OMD (North America) and NEC (outside North America) on media buying. Activision also hires PR agencies PMK•BNC and Step 3 in North America, along with Red PR in Europe.

Activision will debut “WWII” in early November of this year. “Infinite Warfare” generated a total digital revenue of around $204 million last year, compared to $587 million from “Black Ops 3” in 2015, according to research firm SuperData.

President Trump on Wednesday plans to call for a significant increase in the standard deduction people can claim on their tax returns, potentially putting thousands of dollars each year into the pockets of tens of millions of Americans, according to two people briefed on the plan.

The change is one of several major revisions to the federal tax code that the White House will propose when it provides an outline of the tax-overhaul pitch Trump will make to Congress and the American people as he nears his 100th day in office.

Trump will call for a sharp reduction in the corporate tax rate, from 35 percent to 15 percent. He will also propose lowering the tax rate for millions of small businesses that now file their tax returns under the individual tax code, two people familiar with the plan said.

These companies, often referred to as “pass throughs” or S corporations, would be subject to the 15 percent rate proposed for corporations. Many pass throughs are small, family-owned businesses. But they can also be large — such as parts of Trump’s own real estate empire or law firms with partners who earn more than a million dollars annually. The White House is expected to pursue safeguards to ensure that companies like law firms can’t take advantage of this new tax rate and allow their highly paid partners to pay much lower tax bills.

Trump’s proposed tax changes will not all be rolled out Wednesday. White House officials are also working to develop an expanded Child and Dependent Care Credit, which they hope would benefit low- and middle-income families facing substantial burdens in paying for child care. Trump had touted a tax measure for child care during the campaign, but it was criticized as not significantly benefiting families of modest means.

White House officials think these changes will give Americans and companies more money to spend, expand the economy and create more jobs.

The existing standard deduction Americans can claim is $6,300 for individuals and $12,600 for married couples filing jointly. The precise level of Trump’s new proposal could not be ascertained, but it was significantly higher, the two people said, who spoke on the condition of anonymity because the plan has not yet been made public.

During the campaign, Trump proposed raising the standard deduction to $15,000 for individuals and $30,000 for families.

Like other parts of Trump’s tax proposal, an increase in the standard deduction would lead to a large loss of government revenue.

A standard deduction works like this: If a couple filing jointly earns $70,000, they deduct $12,600 from their income, adjusting their income to $57,400. They then would pay taxes on the $57,400 in income, not the $70,000 they earned. Increasing the standard deduction would reduce their taxable income, ensuring that they can keep more of their money. A taxpayer who claims the standard deduction cannot also itemize deductions for items such as mortgage interest or charitable giving. But if the standard deduction is large enough, many would be likely to bypass the itemized deduction.

The nonpartisan Tax Policy Center estimated last year that if Trump raised the standard deduction as much as he proposed during the campaign, about 27 million of the 45 million tax filers who itemized their tax breaks in 2017 would instead opt to take the standardized deduction, creating a much simpler process.

This would also match one of the goals outlined by Treasury Secretary Steven Mnuchin. He has said that filing taxes has become too complicated for many Americans and that his goal would be for many Americans to be able to file their taxes on a “large postcard.”

White House officials including Vice President Pence also met late Tuesday with congressional leaders and said they wanted to pass a tax-code overhaul through a process known as “reconciliation,” a person familiar with the meeting said, which means they could achieve the changes with only Republican votes.

They also said they were going to push for steep cuts in tax rates but would be willing to raise some new revenue with other changes to the tax code. The White House on Wednesday is expected to reiterate this openness to new revenue without getting into specifics of which tax changes it would seek, as that could create a fierce corporate blowback based on which exemptions could be cut.

Congressional Republicans praised President Trump’s ambitious effort to overhaul the tax code and slash corporate income tax rates to 15 percent.

But they cautioned that some parts of the plan might go too far, illustrating the challenges the president continues to face in his own party as he seeks political support for one of his top domestic priorities.

Sen. Orrin G. Hatch (R-Utah) and Rep. Kevin Brady (R-Tex.), who head Congress’s tax-writing panels, said they were open to Trump’s plan to push forward with sharp cuts in the rates that businesses pay but suggested that changes might be needed.

“I think the bolder the better in tax reform,” said Brady, who chairs the House Ways and Means Committee. “I’m excited that the president is going for a very ambitious tax plan.”

Hatch, meanwhile, said the White House appears to be “stuck on” the idea that certain small businesses, known as S corporations, should have their tax rates lowered to 15 percent, just like large businesses. S corporations pay the same tax rates that individuals and families pay, with a top rate of close to 40 percent.

“I’m open to good ideas,” Hatch said. “The question is: Is that a good idea.”

Meanwhile, Democrats denounced the 15 percent corporate tax rate and criticized Mnuchin, who said that faster economic growth would generate enough new tax revenue to compensate for the corporate rate cuts.

Asked whether the 15 percent target was workable, Sen. Sherrod Brown (D-Ohio) told reporters: “It is, if you want to blow a hole in the federal budget and cut a whole lot of things like Meals on Wheels and Lake Erie restoration and then lie about the growth rate of the economy.”

He said that the Trump administration would have to do something “huge” such as scrapping mortgage interest deductions, adopting a border adjustment tax or relying on “outrageously inaccurate projections.”

The Trump tax package has won the support of most of the business community, but divisions remain.

The biggest winners from the corporate tax cut would include companies in industries such as retailing, construction and services that have had trouble taking advantage of the loopholes in the existing tax code.

The list of losers from tax reform could include technology companies, domestic oil and gas drillers, utilities and pharmaceutical firms that have been adept at playing the current system by using loopholes to deduct interest payments, expense their equipment and research, and transfer profits to foreign jurisdictions with lower tax rates. Under the Trump plan, many of those tax breaks would be eliminated in return for lowering the rate.

“Retail companies are the ones who pay closest to the rate of 35 percent,” said Len Burman, a fellow and tax expert at the Urban Institute. “They can’t ship their profits overseas. They can’t take advantage of the research and experimentation credit.”

A study of 2016 data for all profitable publicly listed companies by Aswath Damodaran, a finance professor at New York University’s Stern School of Business, showed that U.S. firms pay vastly different income tax rates.

On average, engineering and construction firms, food wholesalers and publishers paid about 34 percent. At the other end, oil and natural gas companies paid 7 to 8 percent on average.

“The U.S. tax code is filled with all kinds of ornaments” that help the oil and gas industry, said Damodaran. A decades-old depletion allowance, for example, allows companies to deduct money as a natural resource is produced and sold. This comes on top of other deductions for various expenses.

A Treasury Department study last year based on tax returns for 2007-2011 showed that debt-laden utilities paid only 10 percent in taxes, while construction firms and retailers paid 27 percent.“Retailers pay a higher effective tax rate of any sector in the United States,” said David French, the head of government relations at the National Retail Federation. “But the devil is in the details.”

With many key pieces of the Trump tax plan still missing, French is worried that Trump might propose something to offset the lost revenue from cutting the corporate tax rate to 15 percent. A border adjustment tax, such as the one House Speaker Paul D. Ryan (R-Wis.) favors, would more than offset the benefits of a rate cut to 15 percent, French said, “while others would see their taxes go to zero.”

French said that he expects a middle-class tax cut and business tax reform, but he does not expect Trump to unveil a complete package with offsetting items. “I don’t think that’s going to be in the president’s plan,” French said. “I expect it will be big-picture, high-level, without a lot of details.”

“There are so many special interests involved,” said Ed Yardeni, an investment strategist and president of Yardeni Research. “This is going to be a real test of whether he’s going to be able to drain the swamp or whether he’s going to pump more water in.”

Among the other big losers could be companies such as utilities or cable companies that have accumulated large debts and currently can deduct interest payments. A lower tax rate would make those tax deductions less useful.

In a report to investors in December, a team of JPMorgan analysts said that “we see reform to the corporate tax code as currently envisioned . . . as an overall net negative” for big utilities. The analysts said that because the utilities had large amounts of debt, they would be hurt more than other companies.

A big corporate tax cut could also create a crisis for individual income taxes. Without a matching cut in individual income tax rates, individuals would be able to change the structure of their pay checks so that the payments went through limited liability companies that would pay no more than 15 percent under the business tax cut, a rate far lower than the top individual rate of 39.6 percent.

That’s similar to what basketball coach Bill Self did after Kansas exempted entrepreneurs from paying taxes and eliminated the business tax. Self, the coach of the University of Kansas Jayhawks, put about 90 percent of his pay package into a corporate entity to sidestep the taxes he would have paid if it were all considered simply salary, according to a report by radio station KCUR-FM.

“Whenever a lower rate is imposed on one kind of economic activity versus another, that low-rate activity all of a sudden becomes a lot more important,” Burman said. “A lot of tax sheltering was done to make ordinary income look like capital gains.”

He added, “An associate professor in the Kansas philosophy department probably pays a higher tax rate than Bill Self.”

But if Trump cuts individual income taxes to match the cut in corporate rates, that would create an enormous shortfall in tax revenue and a ballooning of the budget deficit.

Kelsey Snell and Tory Newmyer contributed to this report.