Republican presidential nominee, Donald Trump unveiled his economic plan Monday, a plan that was both praised and criticized almost immediately.The basic highlights of Trump’s plan appear below.Related: ACTIVIST INVESTORS WAGE WAR WITH BIG OILTrump’s Economic PlanIn no particular order Trump’s plan calls for sanctions, including tariffs again certain trading partners, a rollback to many environmental regulations, massive infrastructure spending, a large child care costs tax deduction and a moratorium on federal regulations that, in his words would “reduce employment.”Finally, he plans to enact large tax cuts and restructure the tax code so there are 3 tax brackets of 12%, 25% and 33%. Last September Trump suggested 4 brackets of 0%, 10%, 20% and 25%, a proposal that was roundly criticized because, among other things, of the impact it had on something called “carried interest.”Carried InterestThe new top tax rate of 33% may help address one big criticism of Trump’s original plan – the possibility that private equity and hedge fund managers would not actually pay much more in taxes even if the carried interest loophole were eliminated.That so-called loophole allows certain fund managers to count earnings as capital gains instead of ordinary income – subjecting that income to a tax rate of 23.8%. With a top rate of 25% (previously proposed) fund managers would only pay an additional 1.2% as opposed to the additional 15.8% they would pay under the old systems. Under Trump’s new proposed system, fund managers could pay an additional 9.2%.Reduced Business Tax RateOf course, if Trump’s planned 15% business tax rate is passed, overall revenue may go down – at least according to the Brookings Institution’s Tax Policy Center.Those earning carried interest classified as partnerships would be taxed at the 15% rate. Others, such as Bobby Franklin, president of the National Venture Capital Association, defend the original carried interest which, they say plays a critical role in the growth of the U.S. entrepreneurial ecosystem.Related: 6 U.S. COMPANIES AND THEIR OVERSEAS UNTAXED BILLIONSThe Real Story On Corporate TaxesOn the other hand – say some – if Trump’s plan to cap business taxes at 15% were to go into effect, that would boost corporate profits and be a good thing for shareholders and the public alike. This is based on potential savings from the current 35% top statutory tax rate of 35% which could be invested in more jobs to grow the economy.Unfortunately, according to the U.S. Government Accountability Office (GAO), for tax years 2008-2012 profitable large corporations only paid an actual average effective tax rate of about 14% – 1% lower than Trump’s proposed cap.That’s not to say companies that paid more – such as ExxonMobil Corp. (NYSE:XOMC), which paid $146 billion in taxes; Chevron Corp. (NYSE:CVXC), which paid $85.5 billion; and ConocoPhillips (NYSE:COPC), which paid $58.2 billion wouldn’t welcome some tax relief since the oil and gas industry pays the highest effective tax rate in the U.S.On the other hand, CBS Corp. (NYSE:CBSC), Mattel Inc. (NYSE:MTC), Prudential Financial Inc. (NYSE:PRUC) and Ryder System Inc. (NYSE:RD), which effectively paid no taxes between 2010 and 2015 are probably more than willing to leave well enough alone.