The House passes the biggest tax overhaul in 3 decades

The bill would limit state and local income and property tax deductions.
3:00 | 12/20/17

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Transcript for The House passes the biggest tax overhaul in 3 decades
headline involving your money, your taxes. President trump, one step closer to his first major legislative victory tonight, since being elected president, but this evening, a last-minute holdup. The house voting today to approve the Republican tax cuts by a strict party line vote, but late today, word now coming in they'll have to vote again. And the new poll numbers tonight. When Americans were asked, who will benefit most from this tax bill, four separate polls showing that Americans say more than 60% of them believe it will be the wealthy who benefit most. So, tonight, will the president still sign this into law before Christmas? And who wins, who loses? ABC's Mary Bruce, leading us off from the hill. Reporter: House speaker Paul Ryan today excitedly gaveled in the first major legislative win of the trump administration. The yeas are 227 and the nays are 203. The conference report is adopted without an objection, the motion to reconsider is laid upon the table. Reporter: His gavel rolling off the podium as the biggest tax overhaul in three decades cleared a major hurdle in the house. But tonight, a procedural snag will force them to vote again tomorrow. Still, earlier, Republicans were ecstatic. Today we are giving the people of this country their money back. Reporter: But the speaker interrupted by one of many protesters on the hill. You're lying! You're lying! Reporter: Across the country tonight, Americans are asking how this bill will affect them. Corporate America will see the biggest tax cut, from 35% to 21%. That cut is permanent. Tax cuts for individuals will expire in eight years. But in the meantime, they will see their standard deduction and child tax credit double. But a new study shows Americans making $75,000 a year or less will actually see their taxes go up within a decade. While wealthy Americans will continue to see a tax cut. Tonight, Republicans insist this bill will benefit the middle class. You guys do your homework on the thing. Reporter: You don't trust the analysis? Are you kidding? $40,000 single mom is going to get over $1,000 back. Reporter: Americans who live in states where taxes are highest could pay a big price. Because the new law will limit deductions for state and local income and property taxes, capping them at a combined $10,000. In New Jersey, trump voter Kassie Smith is concerned it will take money out of her pocket. When we don't get the deduction on our tax return that the property value will go down, so -- how am I going to try and sell that house? Reporter: States likely to be Harold hardest hit? New Jersey, New York and California. It's primarily why those 12 house Republicans voted no. Congressman, are you still a no? I am, yeah. Reporter: Republicans argue the major tax cuts for corporate America will trickle down to main street America, leading to hirg and higher wages. But skeptics say, don't count on it. Some have pointed to this moment, a room full of CEOs recently asked how many plan to use the money they save to reinvest in their company and their workers. Just a show of hands, if the tax reform goes through. Why aren't the other hands up? Reporter: Even the president's top economic adviser wondering out loud why so few hands went up. And what about health care? The law repeals the individual mandate that all Americans have insurance. That could cause 13 million more Americans to be uninsured over the next decade. And if healthy Americans opt not to buy insurance, premiums for others could skyrocket. The bill is deeply unpopular. New polls show Americans believe this will benefit the rich. We asked the speaker. Any concern that this won't translate into a political win for Republicans? No concerns whatsoever. Results are going to make this popular. So, you heard it there. No concerns tonight. Results, they say. They're promising they're on the way, should this pass, the hours and day ahead, which we do believe it will, Mary. This bill first passing in the house, but now, late word, as we were coming on the air this afternoon that they now have to vote again because of something the senate Democrats have now pointed out? Reporter: Yeah, David. This is essentially a procedural snafu, but it creates a real headache. Republicans now have to change that and then vote again. But bottom line, this bill is still expected to pass. All right, one more bottom line. When will the president actually sign this bill, will he be able to keep his promise to sign this before Christmas? Reporter: Well, the white house is now suggesting that the president may not sign this until the new year, saying that the process to get the paperwork to the president's desk may actually take some time. David, the president has promised Americans tax reform for Christmas, and now they're suggesting that might not happen. David? We can hear the voices of some of the Americans gathered there in the capitol behind you there, Mary, thank you.

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

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