Real estate is becoming a top concern for the president, with the administration saying it wants to lower barriers to entry and create incentives for developers.
The plan calls for more regulation, which would require states to collect data on the types of homes they sell and whether they’re affordable.
The administration also wants to raise the minimum wage, reduce mortgage interest deductions and establish a federal housing finance program to make it easier for homeowners to buy homes.
Real estate firms have been critical of the plan, calling it “the most extreme anti-homebuyer tax in history.”
The Trump administration is also looking to make a few changes to the tax code, including an overhaul of the estate tax, which is one of the most regressive tax structures in the U.S. It is expected to create $250 billion over the next decade to help pay for a housing affordability program and tax breaks.
Trump wants the tax break to be tied to the purchase price of a home, not a profit.
That will encourage homeowners to take out mortgage-backed securities rather than buy homes, according to a White House official.
The White House has also proposed increasing the tax credit for homebuyers with income over $1 million to $1.25 million, and eliminating the mortgage interest deduction, which currently only allows households with income above $1 billion to deduct mortgage interest.
The tax breaks for homebuilders are expected to cost about $400 billion over 10 years, according a White the administration.
It’s unclear if the administration will put forth any proposals to expand the Earned Income Tax Credit, which was designed to help working families.
Trump has proposed doubling the child tax credit to $2,000 and doubling the maximum refundable child tax benefit to $3,000.
While Trump has said he wants to reduce the federal deficit, the plan says he would boost the national debt by $5 trillion over the first 10 years of his presidency.
The Trump proposal includes some of the tax cuts that the House passed last week.
It includes the largest reduction in the corporate tax rate since the Reagan era, which reduces the overall corporate tax burden from 35 percent to 20 percent.
It also reduces the estate and gift tax to 10 percent and the estate carryover tax to 15 percent.
Republicans in Congress have said they will not support the tax plan.