President Trump will unveil his promised tax overhaul plan on Wednesday, a report said.

The tax proposal will focus on cutting rates for corporations and will propose a top individual tax rate of 35 percent, according to Bloomberg News.

Congress will make the decision of whether to raise taxes on the top earners.

The rate on corporations would be cut to 20 percent from the current 35 percent rate.

For middle class families, the plan would double the deduction to $12,000 for individuals and $24,000 for married couples, according to Bloomberg.

The announcement came as the GOP-led effort to repeal Obamacare failed, again.