GOP bill would cut corporate tax rate to 21 percent

The president promises relief to the middle class, but analysis shows tax increase.
3:42 | 12/14/17

Coming up in the next {{countdown}} {{countdownlbl}}

Coming up next:

{{nextVideo.title}}

{{nextVideo.description}}

Skip to this video now

Now Playing:

{{currentVideo.title}}

Comments
Related Extras
Related Videos
Video Transcript
Transcript for GOP bill would cut corporate tax rate to 21 percent
And we begin with your money, your taxes. President trump on the verge of victory, but could there be new trouble for him tonight? He can only afford to lose those two Republican votes in the senate. And tonight, the Republican senator now saying no. At the white house today, president trump still promising it will be the, quote, greatest Christmas present that a lot of people have ever received. But many Democrats tonight asking, why haven't they seen the bill yet? ABC's Mary Bruce with the numbers. Who wins, who loses? One, two, three -- Announcer: President trump today cutting through the red tape at the white house. And hoping Republicans can stay united enough in the senate to pass his tax bill. We're doing very well on the tax front. We have tremendous support. We have tremendous spirit. Announcer: But back on the hill, the president is aware there are signs of trouble senator Marco Rubio tells us he's a no, unless the bill includes a larger expansion of the child tax credit. Unless they can figure out a way to add to the $1,100 figure, I won't support the bill. Announcer: Senate Republicans can only afford to lose two votes, and tonight, senator Bob corker is expected to be a no. Concerned it's projected to add $1.5 trillion to the deficit. And two more senators are undecided. While tonight, most Democrats are still trying to figure out what's actually in the plan. Republicans haven't sent it out. Have you seen the new Republican bill yet? I have not. But as my staff reminded me, I'm only the ranking Democrat on the senate finance committee. Reporter: Here's what we learned. The plan gets rid of the backbone of Obamacare, repealing the mandate that all Americans have insurance. That could leave 13 million more Americans uninsured over the next decade. Republican Susan Collins of Maine is waiting on the final bill to decide how she'll vote. She's supported repealing the mandate in exchange for a promise that Republicans take steps to boost the health care market. But in the past 24 hours, her constituents have been giving her an earful. What I am telling you is that I believe the commitments that I have received -- But it's my life on the line! I nope. Reporter: For the wealthy, the plan lowers the top tax rate from 39% down to 37%. For big business, it slashes the corporate tax rate from 35% to 21%. And for middle class Americans, it doubles the standard deduction. For those who itemize, it keeps current deductions on medical expenses and student loan interest. But advocates for the middle class warn it caps state and local income and property tax deductions at just $10,000. That's a problem even for some Republicans in congress. Most middle income new yorkers who own their homes are going to be hurt by the tax bill. Reporter: The president is promising relief to the middle class, but a previous analysis of the senate version said Americans making $75,000 or less will actually pay more in taxes within a decade. Every analysis show some people, including middle class Americans, are going to face an increase. And the middle class will get a huge tax break as most Americans will. Mary Bruce live on the hill, as always for us. And Mary, as we know, Republicans can only afford to lose those two votes. We heard your report there that one republic senator is a no, Marco Rubio. Several others undecided. And of course, on everyone's mind, not only on the hill tonight, but around the country, senator John McCain. We know he's battling brain cancer. As we reported last night here, he's at Walter reed? Reporter: David, senator McCain tonight is being treated at the hospital for side effects of his cancer therapy. We're told he's looking forward to getting back to work here on the hill, but no word yet on when that will be. Now, senate Republicans are hoping to act on tax reformerly next week, and David, they are going to need every vote they can get. All right, Mary Bruce live on

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

{"id":51801025,"title":"GOP bill would cut corporate tax rate to 21 percent","duration":"3:42","description":"The president promises relief to the middle class, but analysis shows tax increase. ","url":"/WNT/video/gop-bill-cut-corporate-tax-rate-21-percent-51801025","section":"WNT","mediaType":"default"}