Trump, GOP celebrate $1.5 trillion tax overhaul

President Trump called the passage of the tax bill a "middle class miracle" while Democrats argue corporate tax breaks will not trickle down to middle America.
2:47 | 12/21/17

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Transcript for Trump, GOP celebrate $1.5 trillion tax overhaul
headlines, president trump on the verge of signing that $1.5 trillion tax overhaul calling it a middle class miracle but Democrats strongly disagree and Mary Bruce has the latest. Reporter: Good morning, Tom. Well, Republicans are savoring this first big win calling it a Christmas present for the middle class saying it will lead to economic growth and higher wages. Not everyone is convinced. This morning, Republicans are riding high. It's always a lot of fun when you win. Merry Christmas, America. Reporter: This is also a political gift for Republicans. At the white house they took a gleeful back-slapping victory lap. A year of extraordinary accomplishment for the trump administration. Reporter: Something this profound could not have been done without exquisite presidential leadership. Reporter: The president fist pumping as they fulfill their promise to overhaul the nation's tax code. We are making America great again. Reporter: Most Americans will see a tax cut at first. But the individual tax cuts expire after eight years. While the large corporate tax cut from 35% to 21% is permanent but Democrats aren't convinced the big breaks to corporate America will trickle down to middle America. Accord to our Republican friends tax cuts for the rich and the big corporations are the answer to our problems. Reporter: Over the next decade the ultra rich are predicted to see their taxes go down while Americans making $75,000 a year or less will see their taxes go up. The bill also gets rid of the Obamacare mandate that all Americans have insurance. The president is touting it as another victory. Obamacare has been repealed in this bill. We didn't want to bring it up. I told people specifically be quiet with the fake news media because I don't want them talking too much about it. Reporter: Now, polls show right now this bill is not popular, but Republicans are convinced it will be once Americans start to feel the changes in their wallet. Now for some that could happen as early as February. Other provisions won't likely be felt until 2019 once you file the 2018 tax returns. And no doubt campaign on this as well. We heard it in your story, Republicans jubilant over that big win but there is a looming and possible government shutdown. House Republicans met over a burrito dinner to hash out a plan forward. It seems their current strategy is to fund the government just until the middle of of next month. Punting on tricky issues and not clear if enough Republicans are on board. Bottom line there is no agreement and the clock is ticking. They have until midnight Friday. We'll wait and see. Mary, thank you.

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