Republican front-runner Donald Trump unveiled his tax plan on Monday during a news conference in Trump Tower, which promises "major tax relief for middle income and most Americans" and claimed that his "phenomenal" proposal would help "save so much money" for millions.

The tax reform plan proposed by the presidential bet was said to have a few aims: simplifying the current tax code, slash corporate taxes that he said would in turn boost economic growth and impose a one-off tax charge on all overseas earnings, a CNN report says.

To cite one of Trump's offer for low-income individuals, he said that single citizens whose annual income is less than $25,000 and those married couples whose annual income totals to $50,000, will be exempted from paying income tax.

But however populist his offer may have been, not all were entirely impressed.

"Some of what Mr. Trump has done in his press conference is just sell us on one of the better features of what our income tax already does," Alan Cole, an economist at the Tax Foundation, told CNN in another report. "It will probably add to the number of people who don't have to pay any income tax. That was already true of many people and he's just expanding the number of people."

CNN also adds that Trump's tax revamp plan targets to narrow down income tax brackets, decreasing the current seven brackets down into four -- 25 percent, 20 percent, 10 percent and 0 percent -- and this is applicable to everyone, including those who belong in the upper echelon.

This means that even the rich can cut cost from the tax plan, enabling them to save a hefty fortune by paying only 25 percent as compared to the current 39.6 percent.

When CNN asked the presidential candidate how much he can benefit from the tax plan, he said he will end up paying more under this tax revamp proposal but is positive that it can bring a boost to the economy - another good news for his ventures.

Trump's tax plan also aims to eliminate estate tax, Alternative Minimum Tax, marriage penalty, Obamacare surtax, and even vows to "reduce or eliminate most deductions and loopholes available to the very rich," CNN report says.

As for the offshore profits believed to be worth at least $2.3 million, Reuters says that Trump will fix that the age-old problem by imposing a one-time 10 percent.

Forbes says in a report that the presidential bet was reportedly confident that his tax reform plan will work and bring a potential economic growth of 6 percent. But for a reality check, the historic GDP is only about 3 percent.

"I did the plan with some of the leading scholars and economists and tax experts that there are in this country. They loved it, they say 'why hasn't this done before'," said Trump during the conference.