Trump's new tax plan would provide top 1% with 62% of tax benefit

Americans who earn less than $75,000 a year are projected to pay more in taxes over the next 10 years.
3:00 | 12/04/17

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Transcript for Trump's new tax plan would provide top 1% with 62% of tax benefit
Next, to your money, your taxes, and the president's tax plan. The senate passing it at 2:00 A.M. Saturday morning. There is no pressing deadline here, but Republicans in congress are furiously working to get this done before Christmas, as the president has asked. But at what cost? With changes to the bill handwritten, even in the margins. And Tom here, a reality check. Who benefits most? ABC's Mary Bruce back on the hill for us. Reporter: Tonight, Republicans still relishing their late-night victory on tax reform. The tax cut and jobs act has passed. Reporter: While Democrats are reeling, outraged over what they say was a rushed process. They're sending around their edits as we speak. Reporter: Edits scribbled in the margins. Can you tell me what that word is? Reporter: And now comes the hard part -- hammering out the differences between the senate and house versions. The bill is the most sweeping change to the nation's tax code in 30 years. Republicans are promising relief to the middle class, but most Americans earning less than $75,000 a year are projected to pay more over the next ten years. While in 2027, one analysis says the top 1% would receive 62% of the benefit. For weeks, Republicans have been downplaying these estimates. Economic forecasting has been just about as accurate as those late night psychic hotlines. You see them advertised after "The tonight show." Reporter: And there are serious questions about to pay for all this. Republicans insist economic growth will cover the cost of the plan. But two estimates say it will $1 trillion or more to the deficit over the next decade. Even a conservative estimate puts it at over $500 billion. This, after Republicans have railed for years against adding to the deficit. We have to get our debt under control before we move further down the road. Reporter: You are confident this bill will pay for itself? Oh, yeah, and then some. And if I'm wrong, like every other Republican, we'll pay a price. Mary Bruce live on the hill for us tonight. And Mary, as you reported, Republicans say this plan will pay for itself. We just heard it from senator graham there, even though analysises say it will not, including a nonpartisan committee that Republicans have relied on before. That committee says it will cost $1 trillion. And we're learning about the Republicans efforts to discredit that committee? Reporter: David, Republicans have been circulating talking points that aim to undercut that estimate. Questioning the timing and substance of that report. Republicans insist these numbers are simply not accurate. All right, the deadline far closer tonight than the tax plan, is this possible government shutdown, Mary. Congress working to avoid a shutdown by the end of this week, and you've learned that chuck Schumer and Nancy Pelosi have accepted an invitation to the white house after that meeting fell apart last week? Reporter: David, democratic leaders canceled that meeting to the president after he tweeted there was no deal to be made here. Now, that meeting is back on for this Thursday. As for the looming deadline, Republican leaders insist there will be no shutdown. David? A very busy week ahead. Mary, thank you.

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

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