Trump signs $1.5 trillion tax bill

Tax changes are already in the works for the unpopular bill which may present changes in taxpayers' paychecks as early as February.
5:16 | 12/23/17

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Transcript for Trump signs $1.5 trillion tax bill
president trump is spending these holidays in Florida after celebrating a big, big win for his administration. Yeah, check out that signature yesterday. Using a very big, bold marker, he signed into law the $1.5 trillion tax plan. His first major legislative achievement and cokie standing by with her analysis but let's start with Kenneth Moton with what it means for your bottom line. Kenneth. Reporter: Good morning, Mary and Dan. President trump is on his first full day of holiday vacation at his mar-a-lago resort and cruised down to west palm beach on a high after delivering on his promise of tax cuts for Christmas. A fist pumping president trump in sunny Florida greeted to a warm reception in west palm beach. Shaking hands, kissing babies feeling good after his first legislative victory. So this is the big right now. In the oval office signing that $1.5 trillion tax bill into law. I consider this very much a bill for the middle class and a bill for jobs. Reporter: Democrats disagree, not one supporting the major tax overhaul. This is a year of lost opportunity, squandered opportuni opportunities. We've always been open to working with the president when it benefits people. Reporter: The irs sent out a notice new 2018 withholding guidelines on the way and taxpayers will begin seeing the changes in their paychecks as early as February. But people in high tax states are bracing. Many in New York, New Jersey and California expected to pay a lot more under the new tax law. New York governor Andrew Cuomo signed an executive order Friday to that Lou residents to prepay next year's property taxes. This is an economic dagger because it effectively raised our income tax and property tax 20%, 25%. The president ready to move on to other big issues in 2018. I really do believe we're going to have a lot of bipartisan work done and maybe we start with infrastructure. Reporter: Republicans argue the $1.5 trillion tax law will pay for itself through economic growth. A new analysis from a nonpartisan group found it won't, instead adding 1.5 or I should say $1 trillion to the he deficit by 2027. Dan, pear, of course, as you know GOP leaders believe that won't be the case. Big debate there, Kenneth, thank you very much. A lot more to say about this. You cover capitol hill, have for quite some time. The president has said I'm not going to go out and sell this thing but that's not what you're hearing from Republicans. ING loo, Republicans I talk with know if they want to turn this big legislative win into an actual political win as they head into 2018 they have to get out there and sell this thing. The bill right now is deeply unpopular. As Kenneth mentions it will put a big dent in the deficit and there are big questions about how the middle class, whether they will really benefit in the long term so Republicans have their work cut out for them but as leader Mcconnell said the other day if they can't sell it to the American people they ought to get into another line of work. Among the reasons why it's great to have you on this Saturday morning. More on this with cokie Roberts. Good morning. Good morning, merry Christmas. Thank you, merry Christmas to you. This bill is as Mary just said unpopular right now. But overtime as the vast majority of Americans do get tax cuts, do you think the bill will become more popular. That is certainly the hope of the Republicans. And that was the hope of the Democrats when they passed Obamacare and didn't work for them. Now Obamacare is popular but it took years. And that might be true with this tax bill as well. The people who are likely to be immediately happy are people who will get the big child care deductions, because that's a credit. That's just subtracted from your taxes and some of those people might end up paying no taxes at all. But the vast majority of people will have to see whether they actually feel it or not and then whether they get credit on that because that's not where the political energy is right now. Political energy isn't around taxes. It's around things like health care and education and immigration and so we'll see whether it really benefits the Republicans or whether they are going to find themselves in a hole because of it. Cokie, you mentioned health care. The president blames it's not only a tax bill but an appeal of Obamacare. Is it the twofer he is claiming. You know better than anybody having covered this like a cheap suit, the truth is that it does take away the mandate, the taxations really if you don't get health care but that's all it does. And Obamacare is still there and a whole lot of people signed up for it this year, many more people than expected. So, Americans are now ironically liking their health care under the Obama plan and using it. Cokie Roberts really appreciate it, such a privilege to have a great conversation with two great political reporters on a Saturday morning,

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

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