Some of the details of President Trump’s tax plan emerged Wednesday afternoon, and if you’re one of the tens of millions of Americans who pay taxes, you should be more than just a little excited. In fact, if you’re standing up, you might want to sit down as I walk through his proposed changes.

For starters, Trump’s plan simplifies the tax code from seven brackets to three, which means calculating your current and future tax liability is going to be a lot less complicated than it has been in the past. The three rates under the Trump plan would be 10 percent, 25 percent and 35 percent, dropping the top marginal rate from 39.6 percent.