>> Republcians on Capitol Hill have struck a deal to merge House and Senate versions of their long awaited tax bill, raising hopes of having it gift wrapped on President Trump’s desk before the end of the year.>> We want to give you, the American people, a giant tax cut for Christmas.
>> Under the deal, corporate taxes would be lowered to 21% and the top tax rate it would drop to 37%. The corporate number slightly more than the 20% Trump originally wanted.>> It's at 35 right now. So if it got down to 21 I would certainly be, I would be thrilled.
>> US domestic politics editor, Karen Bohan.>> Well, Republicans are united in wanting to get a tax bill. But on this particular bill we don't know yet how united they are. We know that there are some Senators who have been skeptical all along, including Senator Collins, Senator Flake, Senator Corker.
And the question is are they gonna be there for this bill?>> Democrats argue the GOP plan is a massive gift to the wealthy. Trump's goal of tax cuts under the Christmas tree may be complicated by the surprise triumph of Democrat Doug Jones at Alabama Senate race.>> President Trump has been a factor in putting pressure on wavering Republicans to pass the bill.
And I think the Alabama result has really raised some questions about his political clout. And so if you're a Republican who's wavering, in light of Alabama you might be a little less afraid of crossing him.>> Senate Democratic leader Chuck Schummer, basking in the big win, said Majority Leader Mitch McConnel should hold off a vote on the $1.5 trillion tax package until Jones is able to take his seat.
>> I want to get involved as soon as I can.>> But the Republicans who currently hold a 52 to 48 majority in the Senate want to pass their tax bill while Alabama's appointed GOP Senator Luthre Strange is still in place, hoping to pass the sweeping tax cut overhaul as soon as next week.