What Senate Republicans are proposing in their tax plan

Capitol Hill is all in on tax reform, with the clock ticking down to their Thanksgiving break, and only a few working weeks left until the end of the year -- will they get it passed?
1:47 | 11/09/17

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Transcript for What Senate Republicans are proposing in their tax plan
Today on Capitol Hill it's the Senate's turn to take a whack at tax cuts there. Yes get. And of the. But the senate plan is much different than what the house has proposed. It will not repeal the estate tax war shrink the number of tax brackets. And it would get rid of all state and local deductions well delaying the corporate tax rate until 2019. Why it cost too much. The independent Tax Policy Center found in the house version would lead to one in four Americans paying more taxes in ten years than they do now. While the nonpartisan Congressional Budget Office said it would raise the deficit one point seven trillion dollars. That's 200 billion dollars too much to pass the senate with just Republican support house Republicans say it's still early in the process. We have a framework that we established with the White House and the senate. In these bills are being written with inside that framework Democrats argue neither bill actually hopes the middle class. The Republican majority. Has repeatedly promised a middle class tax bill. But instead they've concocted a bill grounded in tax cuts for big corporations in the very rich. The president's top economic advisor on CNBC seem to back up that view the most excited group out there are big CEOs about it that's trying to align the two chambers could take more time than president trump wants to spend. He's pushing to sign a tax cut bill by the end of the year. Republicans in both chambers feeling the political pressure going into 20181. GOP senator not mincing his words. Thing up Republicans don't get tax cuts they will not survive the mid terms. Three in a Marshall ABC news Washington.

This transcript has been automatically generated and may not be 100% accurate.

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