ken spieth is chairman of personal wealth advisers at accounting firm eisner amper., it's great to see you. >> thank you. >> first of all, he says he wants fueler tax brackets. he wants to reduce them to three. currently they're at seven. when might we see that happen and how would families in each of those tax brackets feel the impact? >> it's interesting. we did some households that would have income say, $50,000 to $100,000 in the proposed plan end up in just about the same place as the tax law present today in 2016. as far as your point as far as when it would be effective, it could be signed october, november, which means 2018. >> would deductions disappear here? i know president trump wants to cap the amount of deductions you can take. >> yes. there would be a basket of what everyone has now as itemized deduction. many of your viewers are deducting home mortgage, real estate taxes, state income taxes they pay, charitable and others. that would be capped in a basket at $200,000. >> especially the biggest deduction most people probably take is what they pay on in