Transcript for GOP tax bill passes through the Senate
Two huge stories. The senate took a major step toward handing the president his most significant legislative victory on taxes. It came just hours after the president's former national security adviser pled guilty and agreed to cooperate with the special counsel in the Russia investigation. So let's start here with the late night developments, the wee hours victory for Republicans. Senate voting to pass that massive tax bill. Senate majority leader Mitch Mcconnell not known for his flamboyance with a rare public emotion of what looks like glee. Some are calling the bill a scam. A live shot of the white house where the president was up into the early morning hours tweeting as the vote was taken. We'll start with ABC's Gloria Riviera who is in Washington. Gloria, good morning to you. Reporter: Good morning to you both. In Washington it was a long night for lawmakers. The drama and debate over Republicans' new tax bill finally ending when senate Republicans got those votes they needed to pass their version of tax reform but Democrats are claiming they didn't have time to actually read the bill before they had to vote on it and with slashes and handwritten edits entire sections were confusing or simply illegible. The tax cuts and jobs act as amended is passed. Reporter: After a frantic negotiation down to the wire senate Republicans passed the largest change to the U.S. Tax code in 30 years revising and rerevising their tax bill late into the night. Ultimately swaying critical Republican hold-outs including senators Susan Collins of Maine and Jeff flake of Arizona. Senator Bob corker the sole Republican to vote no. I still have fiscal concerns. Reporter: Changes taxpayers can expect from the new bill include elimination of the Obamacare mandate and slashing the corporate rate from 35 to % and doubling standard deductions but abolishing all individual state and local income taxes. For Americans making more than $100 through,000 a year it could mean a big tax cut but middle class Americans making less than $75,000 a year could end up paying more in taxes over the next ten years. This is a great achievement. It's something that literally will help millions and millions of young people in our society. Reporter: With the clock ticking a final version of the 497-page bill was not released until mere hours before voting. Outrage from Democrats was swift and fierce. This vote will not be forgotten. Reporter: There is no reason for rushing through a tax break for millionaires and billionaires. You complain about process when you're losing. And that's what you heard on the floor tonight. Reporter: Overnight president trump tweeting his approval saying we are one step closer to delivering massive tax cuts for working families across America and that he looks forward to signing the final bill before Christmas. Okay, so let's get back to Gloria here. Gloria, what's next in this process and what are the odds that this bill will actually pass? Well, Dan, a lot of work has to be done to reconcile the house version of tax reform with the senate version that just passed. There are major differences between the two and big concerns over what such sweeping reform does to the deficit. The two sides need consensus for president trump to approve a final bill. Dan. Gloria, thank you so much.
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