Senate GOP bill would delay business tax cut, end deductions

Democrats are strongly opposed to the rewrite, so Republicans must find agreement among themselves to have any hope of passage.
1:57 | 11/09/17

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Transcript for Senate GOP bill would delay business tax cut, end deductions
Your money your taxes tonight in this evening senate Republicans are just out. We've their plan after house Republicans cave bears who wins who doesn't and is there now showdown looming here's ABC's Mary groups. With Republicans and over Russia to pack tax reform. Hispanic tonight is unveiling its plan and hardworking. Just a few more per month. The senate plan includes president Trump's top business priorities slashing the corporate tax rate from 35 to 20%. But it delays that cut and joked when he nineteen. As for individuals the senate plan keeps seven tax brackets and lowers most rates. Critics and experts say the wealthy will benefit most but the White House. I don't believe that we set out to create a tax cut for the wealthy. If someone's getting a tax cut not upset that they're getting taxed. The senate plan keeps popular deductions for medical expenses and student loan interest. But gets rid of all individual state and local tax deductions the State's likely hit hardest new York New Jersey California and Illinois. None of them have Republican senators. And middle class Americans may be worried that they get their taxes go out and actually under this plan can you guarantee to battle. I can't guarantee that and yet again I different concepts that would prevent that want to. According to a new analysis of the house version in ten years warning for Americans would end up paying more taxes than they do now. So let's get to Mary Bruce live on the hill tonight and Mary with her with the president said before his trip. That he wants to sign tax reform by Christmas but there's some pretty big differences between the senate plan we saw late today and the house plan. Yeah David in the house today announced they will vote on they are bill next week but big discrepancies remain between these plants including how much they cost and what they'll do to the deficit hammering this out is going to be a big challenge and Republicans know they cannot head home for the holiday. Empty handed. David clock is ticking Mary Bruce thank you.

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

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