The Trump administration's proposal for changes to the tax code will slash the corporate rate, drop the tax rates for the wealthiest Americans and include a bottom tax rate that increases slightly.

Corporations would see their tax rates dropped from 35 percent to 20 percent. For individuals, the top tax bracket would likely drop from nearly 40 percent to 35 percent, and the bottom tax rate will increase from 10 percent to 12 percent, CBS News' Major Garret has confirmed, according to sources on the Hill and in the lobbying community.

With Senate Republicans' last-ditch attempt at health care reform dead, the GOP is pivoting to another policy arena in which it hopes to find more success. President Trump is expected to announce the tax proposal in Indiana Wednesday afternoon.