Transcript for Republican senators come together for GOP tax bill
Tonight president trump is on the verge of his first major legislative victory. The tax cuts that he promises will be quote. Rocket fuel for the economy clearing major at last minute hurdles to hold out senators say they are now on board. A big smile from Texas congressman Kevin Brady the man driving that plan through Capitol Hill. But the ink isn't even dry the plant only published just a short time ago so what does it mean for all those deductions so many families clay. ABC's senior congressional correspondent Mary Bruce starts us off with the details just coming it. Behind this closed door today Republicans sealed the biggest overall to the nation's tax code in a generation. Mr. chairman but every now they have a final bill and they say they have the votes and confidence in the day care center. And tonight senators are falling in line. Just yesterday senator Marco Rubio said he wasn't note that the child tax credit had to be more generous to get his vote I want to support tax reform it's important for the country but I think this needs to be part of that. Today Republicans gave him what he wanted allowing low income families to claim up to 14100 dollars per child rubio is now a yes. Senator Bob Corker is also now on board. In the past he's said he'd never support a bill that adds to the debt that is. Never never. This plan is predicted to add one point five trillion dollars to the debt. But today corker announced he's voting for it anyway. Saying the question becomes is our country better off with or without this piece of legislation. I think we are better off with it. The final bill slashes the corporate tax rate from 35 to 21%. A big win for big business. For individuals it lowers the top tax rate from 39 to 37%. A big win for the wealthy. But it limits the new mortgage interest deduction to 750000. Dollars Republican senators say their priority is tax relief for the middle class. Overall the benefits. We'll go primarily to people in the middle class what does the middle class get from the bill it doubles the standard deduction and you can still deduct interest on your current mortgage. But people will only be able to deduct 101000 dollars combined from their state and local income and property taxes. And it eliminates the obamacare individual mandate which could leave thirteen million more Americans uninsured in the next decade analysts say the middle class could end up paying more. You clean the criticism of this bill why do you think the wealthiest need another tax cut Willa. That's exactly wrong. This delivers some prioritize as middle class actually. Middle class Americans may be afraid they will see their taxes go up so they won't do begin to see their their taxes cut. And Mary joins us live from Capitol Hill married this tax bill was just released but congress still thinks they can vote on this by early next week. This area this bill is over a thousand pages lawmakers will now spend the weekend poring over it but they won't have a lot of time the house plans to vote on Tuesday followed shortly after by the senate. Republicans are hoping to have a bill on the president's desk next week. And we will all be following that one next.
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