Trump readies push for new tax bill Video

Transcript for Trump readies push for new tax bill

Also in Washington tonight, your money, your taxes. President trump’s final tax push ahead of this week’s expected vote in congress. The president promising working American families a tax cut by Christmas. Tonight, the reality check. Who really benefits? How much will they get, and for how long? Gloria Riviera from capitol hill. Reporter: Tonight, the president promising that a major new tax bill is just days away. This is going to be one of the great gifts to the middle income people of this country that they have ever gotten for Christmas. Reporter: The bill slashes the corporate tax rate from 35% to 21%, a win for business. For the wealthy, it lowers the top tax rate from 39.6% to 37%. For the middle class, it doubles the standard deduction but caps combined state and local income and property tax write-offs at $10,000. Previous analysis of the senate version found Americans making $75,000 or less will actually pay more taxes within a decade. This is a total betrayal of president trump’s economic populist message on the campaign trail. It’s a huge giveaway to big corporations. Reporter: The new bill eliminates the Obamacare mandate, leaving a potential 13 million Americans uninsured according to congressional analysis. It expands the current 529 education credits beyond college to include kindergarten through high school private education. To get it done, Republicans agreed corporate tax cuts will be permanent. Individual tax cuts will expire after eight years. I’m confident we’ll pass this bill, probably on Tuesday. We were determined to get this job done. Reporter: And tonight, reports that legendary senator John McCain will not be casting a vote, but recovering from chemotherapy treatment at home in Arizona. The white house still confident they have enough votes without him. Republicans pushing to vote this week. If president trump signs the bill by December 31st, the changes would take effect by next…

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