CNNMoney Editor Heather Long: “A little for the middle class and a lot for the wealthy”

Treasury Secretary Steven Mnuchin, center, joined by National Economic Director Gary Cohn, center, and White House press secretary Sean Spicer speaks in the briefing room of the White House in Washington, Wednesday, April 26, 2017. President Donald Trump is proposing dramatically reducing the taxes paid by corporations big and small in an overhaul his administration says will spur economic growth and bring jobs and prosperity to the middle class. (AP Photo/Carolyn Kaster)

CNNMoney Senior Writer and Editor Heather Long explains to John how Trump’s proposed tax cuts are meant to work. She describes the administration’s plan for funding the proposal as “magical thinking,” as well as the difference between a tax cut and a tax reform. Find out about the one-page proposal here.