SPECIAL REPORT: Republicans celebrate tax plan at the White House

President Trump called the bill "an incredible Christmas gift for hard-working Americans."
19:20 | 12/20/17

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Transcript for SPECIAL REPORT: Republicans celebrate tax plan at the White House
This is an ABC news special room. George Stephanopoulos. Good afternoon we're coming on the air right now because president trump about to appear on the South Lawn of the white SEC a right there surrounded by Republican members of congress. To celebrate the passage of their massive one point five trillion dollar tax plan the largest overhaul. In a generation brings the corporate tax rate down permanently from 35 to 21% temporary cuts and individual income tax rates as well including the top rate. From 39 point six to 37%. Pace forward in part by doing away with several deductions including the state and local property tax that's going to be cap now at 101000 dollars in mortgage interest deduction. He's going to be capped at seven and 50000 dollars down from a million. And beyond that it also gives a big benefited the wealthy the estate and gift tax exemption is going to be doubled from five point six million dollars to over eleven million dollars. A person and it eliminates that obamacare mandate to buy health insurance that could have a long term impact. And the number of insured in the United States according Congressional Budget Office over time that could cost thirteen million people. Their health insurance there you see the president right there we vice president Mike Pence the speaker of the house Paul Ryan big victory for him please enjoy as well as those Republican in the senate. Mitch McConnell. The senate majority leader. All working in league right now they've had a fractious relationship over the last year the president the Republican leaders. In congress but they were unified the end. Ending the year on a high note a major Republican victory here something they've been looking for four years a huge tax cut. Led by cutting the corporate tax rate in here those cheers there. I Republican members of congress. I know Cecilia Vega our chief what I senior White House correspondent on the world. South Lawn as well into Syria they should point here you see how happy they are right now the American public not so much latest polls show a majority opposed. Yet George this bill has the lowest level of public support than any major piece of legislation in decades even lower back in. Obama care so the Republicans the president are taking a big gamble on this one the president we're told is expected to go out train. Sell this bill to the American public after he in fact signs it but you said it most think. This will benefit the rich I've got to tell you George were about thirty rows back the president has said he wanted to do a press conference today. I can't imagine they're going to be questions out here but certainly some celebrations saw the president there shaking hands and gave a big fist pump when he walked out to this crowd. And he got cheers in response to your point about selling the senator Mitch McConnell so. The Republican leader in the senate said earlier today if we can't sell this the American people we ought to go into another line of work. But today for the Republicans a day of celebration. And the franks coming to body. My action. These are the people right behind me they work so long so hard. It's been an amazing. Experience I have to tell you hasn't been done in 34 years but actually. Really hasn't been done because we broke every record. It's that you largest. I always say the most massive but it's the largest tax cut in the history of our country and reform but tax cut. Really something special. And I notice is just came out Cubans ago they handed it to me. AT&T plans to increase US capitol spending one billion dollars and provide. 1000 dollars special bonus to more than 200000. US employees and that's because of what we've had. It's pretty clear. That's critic. And I have a whole list of accomplishments that the group behind me have done in terms of this administration. And this. Congress but. You've heard it before. Records all over the place. And that will continue and then some because of what greeted Bennett. 3.2 trillion dollars just think given in tax cuts for American families including doubling the standard deduction. And doubling the child tax credit. The typical family of four earning 75000. Dollars will see an income tax cut of more than 2000 dollars and gonna have to thousand dollars. And that's. In my opinion going to be less than the average ticket have a lot more than. One thing very important for the farmers the great farmers and the great small business owners that were forced to. Sell their businesses at bargain basement numbers. We have provided for the most part. And state taxes wiped out so they can keep their farms in the family and that to me is a very big factor. Very big. Mrs. This is going to mean companies are going to be coming back you know I campaigned on the fact that we're not gonna lose our companies anymore they're gonna stay. In our country and they get a stay in our country and you've been seeing what's been happening even at this prospect. But they have tremendous enthusiasm right now in this country and we have companies pouring back into our country. And that means jobs and a means really the formation. Of new young beautiful strong companies so that's going to be very very important. The pass through is you know all about and the small businesses are going to be big benefit issues. We are going to bring at least four trillion dollars back into this country money that was frozen overseas and in parts in worlds and some of them don't even like guests and they had the money whether or not gonna have the money along. And it's it's really. I guess it's very simple. What you think you haven't heard this expression but. We. Are making America great again you have. I I wanna. I want to have them get up and get the glamour and the glory and I just wanna have a few of them come up and they'll speak for a little loud short if they did the shorter the better that way we can. Quickie get all of you'll get everybody up right. But I want to thank him Mitch McConnell. I want to thank you want a job. Plottage. And I want to thank Paul they're gonna speak negatives a few words by Paul Ryan and Mitch it was a little team we just got together and we would. Work very hard and it seems like there was. A lot of fun when you win. If you work hard and lose that's not acceptable but I obvious get a name a few names and then some of them will come up but. People that I saw so much over the last month and really over the last almost year do you think of it we haven't even been a year. And we did the largest tax cut in a history. We I hate to say it is but we essentially. Repealed obamacare because we get rid of the individual mandate which was to our. And that was a primary source of funding of obamacare. And add to arsenal a friend of mine can graduate met and Dan whiz. Oh. Yeah a today of between Dan and Dodd and lease. You've done a very great jobs offered him I called up about Anwar in the up Aziz said again and walk. So tell me about enlisted we've been trying to get that passed the whole country the world they tried and Ronald Reagan. They tried with the bushes they tried with everybody they never got Eduard but we got and we are in this bill also we have and while we have mandate. At we have the tax credit we have the report. I mean when you add up the size of this bill it's really great so Lisa thank you very much. Lisa Murkowski. So John Cornyn the great chairman Orrin hatch. Great job mark allow. Lauren is a special person Tim Scott who has been so incredibly is gonna say a few words. I. I haven't I have it mostly memorized but. But Tim Scott has been great John Thune is. Rob Portman a real student of the tax world rob thank. I want to thank I settle outage on corn and Pat Toomey. He has been we rode together in Pennsylvania. But that where's pat. Matt. It is business. Susan Collins we want to thank Susan's around some. Thank you Susan. All friends I mean I look at these people it's like we're. Warriors together. Christine arm on the house we have Chris genome and Diane black. Our great speaker Paul Ryan it is a great speaker. Oh. Kevin McCarthy. Wondered we had fun do we have a good night. Steve Scully she's braver than all of us braves. Players. Well I I don't know he had the era for years than most of us but. How little Italy as late news that. Not a good way we love you Steve great. Race. Kevin Brady camp. Ben Braddock so maybe what I'll do. It is and and but. Imagine they can't keep in many companies have come forward and saying this so happy and they're going to be doing. Similar announcements we're gonna see something that's going to be very special we're bringing the entrepreneur back into this country. We're getting rid of all the nuts and all the ties and we're gonna. See you're gonna see me to see what happens and ultimately what does it mean it means jobs jobs jobs jobs. So it's going to be relievers special period of time we're in a very special burn retirement it's going to be even more so I want to thank everybody behind me. Maybe I could start with Mitch and then we'll go to Paul. And then we're gonna have a few of the folks come up and say a few words and we'll have a little fun day. Thank you Mitch how about you stock. And when that a boy and president trump right there are celebrating the passage of what he calls the largest tax bill in American history that's not true affectionate eighteenth largest. In the last century about 1%. GDP but no question this is a major legislative victory for president trump and the Republicans they see you senate Republican leader Mitch McConnell right there are I want to bring in our senior congressional correspondent Mary Bruce as he speaks. And married the president has had a rough relationship with Republican leaders over the last year they really in support him during the campaign but this bill. Is not only a major tax cut one of their major goals would as the president said it opens up the Arctic National Wildlife Refuge to drilling a long term GOP. Priority and they got at least a piece. Of the repeal of obamacare. Yet no signs of that fraught relationship between the president and Republican leaders there of course as the president did mention it's always a lot of fun when you went. And this is a being get a substantial win here for Republicans the first major legislative victory of the trump presidency. It delivers shopping someone's on what they've been promising here at most Americans will see. A tax cut at first. They were able to pull this off with nearly unanimous Republican support here. No Republican no votes in the senate but Georgia now the challenge is translating this into a political wing they know they have to get out there and sell this bill. He's deeply unpopular critics are questioning whether we'll actually. Do what Republicans are promising we'll do in the long term of course it's going to put a major dent. In the deficit Republicans know that they if they want this to help them in the twenty team in terms they have to fix their messaging on this one. Get the message out attack that ask the speaker of the house that exact question if he had any concerns that his won't ultimately be viewed as a win. And he said no he told me the results are going to make this bill popular and let's listen as he could right now. Team. For what they do to get scared. How are they my partner Mitch McConnell over in the senate for getting us where we are and ought to think these two chairman Orrin hatch and Kevin Brady. Thank you so much for your leadership conference. It is really simple the message to the hardworking taxpayers of America is your tax relief is on its way. That is what's happening here at the message to the families in America will be struggling paycheck to paycheck. Your tax rates are going Donnie your paychecks are going up. This is the kind of relief that Americans deserved this is a kind of tax reform and tax cuts that get our economy growing to reach its potential. This gets us better wages bigger paychecks a simpler tax system this gets the American economy competitive in the global economy. This is one of the most important things we could do for all of the people we represent. This is Dick generational. And we're so excited. That we are going to launch next year. This fantastic. Tax reform so that the American people can see how we can truly reach our economic growth. Her economic potential and it from warrant for all the leadership of the men and women up here this would not been made possible but lastly how does one I think the American people. I think the American people purporting their trust in us for giving us this chance in this ability to make this moment possible thank you very much. Again that's Paul Ryan. Big day for him as well in order on this for quite a long time and it's been working very thank you well. Very very hard for a long period of time and last night was very much a culmination but. I don't know will have bigger moments but we hope to we're gonna try. A very special guy and great friend of mine vice president Mike. Pence. Thank you Mr. President thank you those kind words but more importantly thank you for your leadership. Thank you for your boundless faith in the American people. And thank you for keeping your promise. To see this congress. Deliver the largest tax cut in American history before Christmas of this year. Merry Christmas America. Members of our cabinet to leader McConnell speaker Ryan all these members of congress thank you. Thank you not only for being here today for the special moment but thank you for your leadership and support throughout this year I truly do believe. Mr. President that this will be remembered as a pivotal moment in the life varnish. A day when the congress answered your call. And made history. But honestly I would say to the American people president trump has been making history since the first day of this administration. We've been rebuilding our military. Standing with our veterans just last week president from sign one of the largest investments in our national defense since the days of Ronald Reagan. We've been defending our borders upholding the rule of law illegal crossings on our southern border are down by more than 50%. And president drop has been restoring American credibility on the world stage standing with our allies is standing up to our enemies. As the president reflected earlier today our NATO allies are paying more toward a common defense. North Korea is more isolated than ever before. This president's put Iran on notice and put the war on Afghanistan on a path to victory. And thanks to the leadership of this commander in chief and the courage of our armed forces. Ices is on the run. Their capital has fallen and their so called Calle a fate has crumbled. Across Syria and Iraq. Oh what brings us here today. Is it president trump also knows that American strength starts with a growing American economy. From the first day of this administration is president championed free and fair trade. He rolled back federal red tape at record levels we've unleashed American energy and today. Mr. President you fulfilled the promise you made millions of Americans struggling in this economy. To cut taxes across the board for working families and businesses large and small. In August of this year the president laid out his vision for a tax cut that would be a middle class miracle and that's exactly what the congress passed today. This tax got to put more money in the pockets of the American people. It'll make our tax code more simple more fair more easy to understand a lake businesses across America. More competitive to create good paying jobs and raise wages for working Americans. I can tell you I served with him every day. President Donald Trump is a man of his word. He's a man of action. With the strong support of these members of congress. President Donald Trump delivered. A great victory for the American people. We made history today. But as the president said altogether this morning a few of us with a few less hours sleep than usual. Were just getting started. And I can assure you this president. This entire administration will not rest in relent. Until the forgotten men and women of America a forgotten no more so thank you Mr. President. Thank you for your leadership. Thank you for your love for this country and the people of this country and I know in my heart. With a strong continued support of the members of congress who are gathered on these steps and with God's help. You will make America great again. Vice president Mike Pence. Big victory lap here for the Republicans on the South Lawn of the White House. A friend of mine a very very special man. Tim Scott. And Liz that we're gonna sign off right now against president trump and the Republicans. Celebrating through the passage of their massive one point five trillion dollar tax cut today not sign employer that's likely not gonna happen to have beginning. Of the year but it is that it passed both the house and the senate a major political and legislative victory for the Republicans. We have a full report tonight on world news with David Henry at the latest breaking news any time by Dell in the ABC news that. Have a good day. This has been a special room. For me he's.

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

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