As described in the budget, the President's tax reform objectives for American families include: 

• Lowering individual income tax rates;

• Expanding the standard deduction and helping families struggling with child and dependent care expenses; 

• Protecting homeownership, charitable giving and retirement saving;

• Ending the alternative minimum tax;

• Repealing the 3.8 percent net investment income tax; and

• Repealing the estate tax.

The tax reform objectives for businesses include:

• Reducing the business tax rate;

• Eliminating most special interest tax breaks; and

• Transitioning to a territorial system of taxation, including a one-time repatriation tax on already accumulated overseas income. 

Tightened eligibility for the EITC and CTC: In order to claim either of these credits, the budget proposal would require taxpayers to provide a Social Security Number. The budget provides that this requirement is intended to limit these credits to those who are authorized to work in the U.S. 

According to the "2018 Major Savings and Reforms" document, households who do not have SSNs that are valid for work may claim the CTC under current law, and "gaps in current administrative practice" allow some people who have SSNs that are not valid for work to claim the EITC. 

The budget projects that adding this requirement would result in approximately $40.4 billion in reduced spending over a 10-year period. 

Reduction of improper payments: The budget proposed to "curtail Government-wide improper payments by half through actions to improve payment accuracy and tighten administrative controls." Two of the action items to achieve this goal pertain to IRS: increase oversight of paid tax return preparers (which was projected to reduce improper payments by $439 million over the 10-year period), and provide more flexibility for the IRS to address correctable errors (which was projected to reduce improper payments by $655 million over the 10-year period). "Correctable errors" were not defined in President Trump's budget, but have been defined elsewhere as essentially broadening IRS's authority to correct simple errors in certain narrow circumstances, akin to IRS's existing authority to correct math errors. 

IRS funding: The President requested $12.1 billion in discretionary resources for the Treasury Department’s domestic programs—a $519 million decrease from the 2017 annualized Continuing Resolution (CR) level. With respect to the IRS, the budget stated that it would ‘‘preserve key operations’’ to ensure IRS’s continued efforts to ‘‘combat identity theft, prevent fraud and reduce the deficit through the effective enforcement and administration of tax laws,’’ but would also achieve significant savings by ‘‘[d]iverting resources from antiquated operations.’’ Overall, the President requested a funding reduction of $239 million from the 2017 annualized CR level of $11.2 billion.

As described by Treasury Secretary Mnuchin, the budget "focuses Treasury on our core missions of collecting revenue and managing the nation's debt, while modernizing, streamlining and increasing efficiencies to reduce operating expenditures."