Trump touts tax benefits for businesses

The president urged Republicans to downplay the repeal of certain elements of Obamacare before the tax bill vote.
3:07 | 12/21/17

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Transcript for Trump touts tax benefits for businesses
His first major legislative victory since taking office. Congress today passing the Republican tax bill. The white house calling it a middle class miracle. The president there surrounded by Republicans at the white house today. The biggest tax cuts will go to the wealthy, corporate America and Republicans then argue that that money saved will then be reinvested in jobs, and pay raises for the middle class. But will that happen? Not everyone is convinced, but the president is beaming. The Christmas promise he made is coming true. ABC's senior white house correspondent Cecilia Vega, leading us off. Reporter: Today at the white house, a beaming president trump greeting a sea of Republicans with a double fist pump. It's always a lot of fun when you win. Reporter: And lawmakers heaped on the praise, one after the next after the next. Something this profound could not have been done without exquisite presidential leadership. You listened to voices no one else was listening to. You're one heck of a leader. And we're all benefiting from it. Reporter: The president calls the tax plan a middle class miracle, designed to deliver tax cuts for all American families. But corporate America gets a much bigger tax cut. We are making America great again. You haven't heard that, have you? Reporter: And earlier in a cabinet meeting, the president flaunted those tax benefits for big business. Our plan also lowers the tax on American business from 35% all the way down to 21%. That's probably the biggest factor in this plan. Reporter: That cut for corporate America is permanent, but income tax cuts for individuals expire in eight years. And lower income Americans making $75,000 or less will actually see their taxes go up over the next decade. During that same time, the ultra rich will see their taxes go down. The bill also repeals the Obamacare mandate that every American buy health insurance, which means 13 million more Americans could be uninsured over the next decade. And if some Americans don't buy health insurance, premiums skyrocket for others. Still, the president touted that end of Obamacare, even though much of it remains in place. He also revealed he urged Republicans to downplay it before the vote. Obamacare has been repealed in this bill. We didn't want to bring it up. I told people specifically, "Be quiet with the fake news media because I don't want them talking too much about it." Cecilia Vega live at the white house. And one other big question tonight, Cecilia, how much will this cost? Adding more than a trillion to the deficit. The president did not address this today. Speaker Paul Ryan, as you know, Cecilia, who has talked about the deficit for years, was asked whether this plan will create enough growth to then pay for itself to make up for what it adds to the deficit. Reporter: Yeah, speaker Ryan said nobody knows how much this will add to the deficit, David, because, quote, that is in the future. Nonpartisan congressional budget analysts have a prediction. They say this tax plan inkreebss the deficit by nearly 1.5 there, with a T, David, trillion dollars over the next decade. All right, Cecilia, thank you. And one more headline about

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

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