Who benefits the most from GOP tax plan?

As President Trump signs Republican tax plan into law, will it be a win for Republicans heading into midterms?
10:32 | 12/24/17

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Transcript for Who benefits the most from GOP tax plan?
And the powerhouse "Roundtable" joins me to break down the GOP's big week. Rich Lowry. Cokie Roberts. Washington post political writer gene Scott. And Margaret tower. Rich, if this tax bill is all Republicans say it is, all the president says it is why is it so unpopular? If you look at the latest CNN poll, the majority of the country opposes it. Only a third at this point favors it. One, it's associated with president trump. Anything associated with president trump is not going to be popular at the moment. T one of the biggest elements are corporate tax cuts. They're worthy. And I think will be proe-growth. They're not an easy sell. One, they would have just -- the voters would have quit on them if they didn't get anything done this year. Two, it will allow them to take credit for an economy appearing to be kicking into a hire gear. A third point I would add, most people, bad things are not going to happen to them there this bill. They'll gate tax cut despite the democratic rhetoric. It really might come back around for the Republicans. It might not be in time. Think the combination of the fact that the standard deduction is doubled. And the child care tax credit is so big that some families will not pay taxes at all. And so, I think a couple of those -- things will be popular. But, the Democrats running against the Republicans as the party of big business works. It has worked since her better Hoover. They're expecting it to happen again. The Democrats saying the sky is going to fall because of this bill. 91% of middle class earners get a tax cut on average of $1100. Once people see that money coming back in pay checks. Maybe not so many term things happening in the short term, won't this backfire on the Democrats? There will be voter who is look T a Democrats and say, things were just not as bad as you said they were. I think a big concern for Democrats, we're living in a time where there is so many conversations about inequality. Most people will get a cut. Some get more of a cut than others. A lot of voters are uncomfortable with that idea. The tax cuts for individuals are temporary. That's right. The tax cuts the for corporations are berm innocent. Yeah, that's right. Ten years, will get Republicans through the midterms and the next presidential elections. They have other concerns. Was stheng the blue state versus red state factor. It tracks with the president's base. But there are Republicans in coastal states, who are a, going to be turned off by this, and B, it may affect re-election prospects in the midterms. The beneficial effects in the near term are not really going to be realized for more than a year. Those E lebs are coming up in November. And there are deficit implications, as well. Most of the media coverage, including, frankly, my own, has portrayed this as the president's sole big legislative achievement so far. The president -- Fair enough. The president seems to have a different message. Take a look. Our country is doing very well. E have tremendously cut regulations. Legislative approvals, for which I'm given no credit the main stream media, we have, I believe, it's 88. Which, is number one in the history of our country. Second now, is Harry Truman. Help me out, rich. Somewhat a legislative -- It's a new term. We'll have to have a tutorial to learn what a legislative -- is. This tax bill tilted over to a solid year of accomplishments. The tax bill is a big deal. The individual mandate is repealed in it. As a stand-alone matter, that would have been considered a big deal. Drilling in Anwar. A lot beyond taxes. Deregulation. Junls. Victory against ISIS. This is a pretty good year that looked for awhile like it could go wrong. Some of what he's talking about happened very early in the term, where the Republican congress was able to overturn a lot of regulations. And, that's what he's proud of that. Whether the American people like that or not is another question. Because system of those regulations were things that protect our health and safety. And our water. Think that that -- on balance, is probably not a positive. On this point of the legislative approval for bills that have passed. Facts actually kind of matter here. He said 88. Actually, there have been 96 bills he signed into law. So he's short-selling himself. Every president going back to Eisenhower. He's actually dead last. Even on that metric. Eugene? I think that is something the president is not worried about when he's talking to his base. People that are already on the trump train will stay on board and use this false stat in arguments with other people in holiday season. But the challenge the president hads to remember is that the majority of American voters are not in his base. They'll prove that what you say you actually did, you did not do. You didn't handle chip the way we would have liked. You didn't handle DACA the way we would have liked. This was entirely Republican. Just like health care. Which was entirely Democrat. This is entirely Republican on this point. If you look next year at what is coming up. You have one fewer -- one less Republican seat in the senate. He's going to need to have bipartisan accomplishments. Good luck on that. It just got that much harder. He won't be able to do anything more on solely the Republicans. Mitch Mcconnell has said, welfare reform, entitlement reform, let's start with something else. I think it's almost impossible to argue that any one bill is more consequential that the tax bill. It will have implications for foreign policy. There could be trade wars. Could be a global cuts rates competition. Class implications. Partisan implications. I think you could argue that a combination of the regulatory or deregulatory actions. The judicial confirmations. And things he has done through executive are more important than the bills. Getting legislation next session, the biggest problem will be in his own party. He wants to do infrastructure. He wants $1 trillion. Good luck with that. Where is the money coming from? The same thing with immigration. Republicans have been ready to do an immigration bill since George W. Bush. They haven't been able to do it. They can't agree inside their own party. This is going to be fought out in the midterms. Rich, look at the gentlemen nashs ballot polls. Three recent ones. We have CNN showing Democrats with an 18-point advantage. 15, 11. Rich, those numbers spell dezaster for the Republicans next November. Yeah, it's and hard to see how they get better. Maybe there is some black swan event next year. Maybe the kicks into a higher gear. The problem is, I think wave that is building is built on people finding Donald Trump personally repellent. How do you picks that is this especially when the president has no desire to rein in his own conduct or tweeting? Donald Trump says quite openly,ky say whatever I want to say, and people will believe it. So there are some people who will believe whatever he says. A lot of other people say, wait a minute, wait a minute, wait a minute. Those aren't the facts. That is a big problem for him. You have people that won't believe anything he says. And people that won't believe anything -- We say. We say. True. But we saw a poll from quinnipi quinnipiac. People believe the media over trump when they have to choose, but not by much. We have a trust issue. The government has a trust issue. We all have more control in changing this. It's what unites all of us is our trust issues. You have Steve Bannon. The president's former chief strategist saying, according to "Vanity fair" there is a 30% chance that he'll finish his term. In order, great chance that he won't. I don't think that's true. Steve Bannon has been a fire brand and lightning rod since coming into the trump campaign. Was that only like a year and half ago? He's a provocateur. President trump is going to face a problem gnat president Obama faced in the second term of midterms. Where do they use penee instead of trump? Does trump step back in places where it would hurt the incumbent to have him there? Do Republicans run with trump or away from him in 2018? It will be a tough choice. You saw Ed Gillespie running away from trump. Roy Moore had his own problems, running toward Donald Trump. Getting swamped by a blue wae. In Alabama. It's been off the year. It wasn't a blue wave. It wasn't the crimson tide. Up next, a candid

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