Donald Trump’s tax cuts package could give his companies a $1 billion tax break in 2017, according to a report.

Trump signed the bill into law Wednesday, giving his companies the ability to write off up to $1 trillion in corporate taxes over a 10-year period.

The bill also allows Trump to offset the cost of the tax cut with a $2 billion tax hike on the wealthy, according the tax plan’s text.

Trump will have to write a plan for his businesses to offset those tax cuts, which are not expected to be finalized until late next year.

The details of the plan, however, aren’t known.

The tax cuts will have an impact on the tax bills of many of the wealthiest Americans, according an analysis by the Tax Policy Center, which is nonpartisan.

The group says that about 80 percent of Trump’s $150 billion in annual tax cuts could be offset by his businesses, with the rest of the cuts being offset by deductions for state and local taxes.

The biggest beneficiaries of the changes would be the owners of major Trump companies, according TPC.

The Republican president is expected to unveil his tax plan in coming days, and is likely to push for significant cuts to Social Security and Medicare.

Trump’s first major tax overhaul was unveiled in January, and he has been pushing for major tax cuts to be included in the package.

His tax plan is expected have a bigger impact on tax bills than his other proposals, including his proposed tax hikes on corporate profits.

The GOP-led Congress is expected in the coming weeks to pass a $10 trillion tax cut package, and the president will have the opportunity to unveil a detailed plan for the package to the public.

More from the Hill:Trump administration officials: Trump wants to end ‘austerity’ to address health care woesTrump administration official: Obama ‘totally bought’ Obamacare for months Trump administration official calls Trump ‘a liar’ for not repealing Obamacare after health care disasterTrump administration calls on GOP to pass ‘Medicare for All’ healthcare planTrump administration announces plan to provide $5 billion to cover the cost-sharing reduction payments to insurance companiesTrump administration releases budget proposal, details of plan for infrastructure spendingTrump administration says $10 billion to help small businessesTrump administration promises $2.2 trillion to help low-income Americans in 2018Trump administration’s healthcare overhaul proposal is the first in nearly a decade to provide subsidies for insurance coverage.

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