Republicans celebrate passing of the tax bill

Now that Republicans have passed their tax bill, will it help strengthen the GOP?
10:37 | 12/20/17

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Transcript for Republicans celebrate passing of the tax bill
Thank you very much everybody. You have a lot of candidates and big miles outside the White House president trump members of his cabinet. And Republican members of congress happening. Eight tax overhaul on the and about in New York down in the theme Ali air Mary goofy White House correspondent. Joins me live now it Harry you know it strikes me as I'm watching it unfold all the celebration all the boy in C. Politics makes for strange bed ballot right you heard this before but you stop the president there walk out with Paul Ryan and Mitch McConnell to people with whom he has not always had the best of relationships. Without him name check Lisa Murkowski and Susan Collins. He's there to help the tape is earlier app hurts to repeal and replace the Affordable Care Act the picking up doing get along. Well this is a very champion moon trump has a very short and attention span and when he is. You know seeing victory or success he globs on to that and he embellishes your hearings so many superlatives. I found it amusing to hear. Bigger pop rye and call it it exquisite presidential leadership from the president and get how many times have you seen Paul Ryan's squirming. You know with our reporters having to answer questions about some of president times more questionable tweets. And let's Africa at that at a month ago after the health care bill passed. You know asked by Fox News if he thought that Mitch McConnell should stay as senate majority leader president trump sent well let's see what happens a tax reform and infrastructure so. As we can see this is very conditional that's love. And you know they're doing other victory dance and keep doing it because today have to keep styling this bill. Our senior White House correspondent Cynthia Vega. Joining us live now it is the on that point this is a equally unpopular. Bill that they have just voted to pass and put it Clayton Howell. They acted not in salad and the president didn't happen. Well that's the plan on the White House today in fact aides here said that he does plan to go out and sell it but you know they're not specifying what that means does that mean he's gonna. Read about it does that mean about gonna go on our road show as he has in the past that we we don't know the specifics about that they. They did very much today try to make the case that the president has been heavily involved. Behind the scenes in getting this across the finish line out talking not camera phone calls that he's made the number of visit that Mike and vice president meet over to Capitol Hill so they really are trying to sell this back story behind how this came TV. You're absolutely right this is out politically Dicey territory here this bill is more unpopular. Then any major piece of legislation has been in decades including. Obama carried out duplicated out want they hate this. Even more you know the majority of Americans the overwhelming majority of Americans believe that this tax bill. We'll benefit the rich they did the Republicans here right here behind me. At the White House today safe. The proof will be in the putting that when people's taxes. Go down in a matter of months come April that they will the support that Heinz if you will will change on this one so it remains to be seen. I do want to quickly point out on out what today you. It was not well this was very much a ceremony Alec a lot of pomp and circumstance and very much at an exuberant and joking happy president John. This conference we are here. It's not rows back today to meet at this morning that there will be a press conference at 1 o'clock. Not ask a question you don't meet that let that happen. The 21 add at this pointedly what do you think the biggest questions that remain unanswered about this plan about what they are but they're doing moving forward. I was trying to pull out my enlisted and I. But I shoved in my purse and it's not getting even is today. It now I ain't like we're asking about taxes today the big question. This president has White House needs to answer is. How can they called as a Christmas gift the greatest gifts the middle class when in fact the individual tax rates. Our temporary tax cuts for middle class Americans is they are temporary and yet the tax cuts for corporations are permanent the president today. Right here in the white house with his happening said that the most important part of this bill. Is that cuts to corporations. It got a lot of explaining to deal and then it you know we're gonna cut down the road a year end press conference which many presidents have done. Asked we hope that this president. Will do that there are a lot of questions. I would love to ask him about whether he has any regrets whether he would have done anything differently. In his twelve want. Unfair edge on being here I had but to hear your take on this too because they have to be considering what the potential blowback would be. If the things that they issue will happen don't happen right. Right they're putting a lot on the line in terms that. Re investing capital in two American business is the idea that companies will come back and you heard. President chalk talk about eighteen he's major investment. Not with that not an. Not mentioning the fact that eighteenth he is trying to complete complete a major merger with Time Warner and perhaps is trying to build some goodwill with that announcement. But you know there really hoping that the money that they put act. That the tax cuts will will need businesses to reinvest into the economy and to hire more workers. But that doesn't always happen they pent up buying tax payments. And they tend to figure out ways to cut rather than grout. We shall see you know they make the case that during the Reagan years the tax cuts opted to rejuvenate the economy and that it will do it again. What's also worth pointing out look the economy has been on an upswing right in everyone's keeping an eye on the Dow it doesn't look like it's reacted. Too much one way or the other in terms the passage of today's plan there we have it down slightly but. You know it it's been growing in recent weeks largely on speculation that this plan. Would pass and would be put into place I guess the question is looking Republicans are kind of thinking all their plans right now and the fact that the economy continues to balance things. Continuing to get better when it comes to the markets. Can't last for ever so what's the plan that when the market inevitably start to contract as they always do. That's a very good question because right now the president is taking credit for all the growth for that. You know the rise in in the stock market and and just that caught consumer confidence right now and the problem is that. It's a cycle and you you know what goes up must come down and if and if he. Experience of any sort of recession or or just drop economic growth. Will he take ownership for that and that's you know that's. Going to come up I don't. And my 88 that I speak for the White House haven't political of the talking points that they're riding high right now that I can move on from one. You know one thing to the next but you know they're gonna relish in his victory date wanted to prove that they are not the do nothing president with the do nothing congress and so. This is there. This is what they can shout and made this is what they did in one hair and they came right to the end of the deadline only a few more weeks left in the year. And there may cross the finish line now. Yet US credit and how it they got it in by the end of the year it a huge huge deal at. The biggest in a generation now but it's also worth waiting on happily what does this mean going for it take a look at your crystal ball does this give them. Momentum now they figured out a way to work together and they tried to push through. Other big ticket agenda like the border while funding or immigration reform or go back to health care and wait what's next for. Well you heard the president earlier today he's obviously putting immigration and and the border wall funding at the top of his agenda act. He's also made you know a lot of commotion about infrastructure and he's hoping that he can get some bipartisan support with back. So they're going to try to use this win as leverage repel more you know legislation file where they're all feeling really good they're hoping that. The kids back constituents will feel if fact that this tax cut right away and you know will. We'll use their wallets to vote again for a Republican congress out of will he we'll have to see if that actually happens you know you did hear a little bit sobering some sober comments about how. You know you're not gonna feeling that this time you return your taxes your during this year's tax returns but the following year is and you might see some change in your paycheck but is that enough. You know another one asking you in all the calling of the plan early on we only saw that little postcard Haley told the postcard and they it's gonna be so simple you can do your taxes. On one card did seem that carding a while now did that go away. It did fall to the wayside because they decided to keep a lot of the popular deductions and that obviously you know that it's not possible to do want to at a postcard. You do have the option to just take the maximum standards. You know individual deductions so if you want to do that. That you can do not oppose card most people probably won't do that. But it the point it they'd they'd say that they simplify the system is it a postcard not likely they also claim that they would. Change the tax brackets from seven tax brackets down to three we're still outside and so. Not all the promises were made that they probably figure that these are really small. You know. Incremental be tells and it and they are really obviously going to push that double and standard act but the ability to double standard deduction. And and you have that our colleagues at says the proof will be in the pudding we'll have to see as our colleague Chris Donovan treated earlier today actually. 321. Days ago before that body in mid term elections in case and mark your calendar. We'll be here that. We know we're divided Arab on Mary live or if indeed it. Thanks to all of you for watching as well and every AB it's not. Any time to get the latest on today's big story or download ABC news apt get all those breaking news headlines right here for now I'm on in the not. Nothing back from San.

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

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