Republicans poised to pass tax bill

Republicans maintain the bill will benefit the middle class, but a new analysis shows long-term benefits will go to the wealthiest Americans.
1:27 | 12/19/17

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Transcript for Republicans poised to pass tax bill
It is decision day on capitol hill for the Republicans. $1.5 trillion tax bill. President trump is on the cusp of getting his first major legislative victory and Mary Bruce is on capitol hill for us with the very latest. Good morning to you, Mary. Reporter: Good morning, Paula. Well, the final votes are just hours away. Republicans poised for that first major victory, but will it be a win for the American people? Republicans and the president insist this bill is aimed at the middle class, but a new analysis shows the long-term benefits will actually go to the rich. After the first decade the report finds the wealthiest Americans would receive a tax cut while 70% of middle income Americans would see their taxes go up and the president and his family could stand to benefit personally from tax cuts for the wealthy down from more than 39% to 37% and a provision of this bill aimed at benefiting certain owners of businesses like commercial real estate firms. Okay, so, Mary, we've been hearing the Republicans have the vote even without senator John McCain who is recovering from cancer treatment. How confident should he be? Reporter: There have been protesters trying to convince Republicans not to do this but to no avail. Right now they do have the votes in the senate right now. There's not a single Republican no vote. There are a handful of moderate Republicans in the house who oppose this but that is not enough to block this bill. This tax bill appears to be headed for the president's desk, Paula. All right, Mary Bruce reporting from capitol hill. Thank you very much.

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

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