Treasury Secretary Steve Mnuchin and National Economic Council Director Gary Cohn just wrapped up a briefing for reporters right now on President Trump’s new tax plan.

In summary:

The plan also calls for the elimination of all deductions except for mortgage interest and charitable contributions…

…which means it would eliminate deductions for state and local taxes. In other words, blue states:

Well, Dems in these states have said that taxes should go up. Now they’ve gotten their wish.

Although other high-tax states, some of which just went red, will be furious as well:

According to Mnuchin and Cohn, the plan will “pay for itself” through economic growth:

But there are still a lot of details to work out:

Is the plan actually anything new, however?

Next step, “listening tours” to sell it:

With the goal of getting it done by the end of the year:

As for Trump releasing his tax returns, nope: