>> Republicans have wrapped up work on their tax bill and are close to locking down the votes they need for passage.>> I'm Andy Sullivan, in Washington, where Republicans have dotted the Is and crossed the Ts on their sweeping tax overhaul. Wavering lawmakers are falling into line, realizing that they don't wanna be the ones to trip off their party's top priority.
The GOP has now set to pass the bill through Congress, so President Trump can sign it into law before the year is out. That will allow Republicans to say they have delivered on the top campaign promise. But that may not necessarily impress voters, more then half of whom tell us that they have serious doubts about this tax plan.
The finalized tax plan would knock the corporate tax rate down to 21% from the current 35% and lower taxes for other types of businesses as well. Individuals would see their rates go down, but those cuts would expire after eight years. The top tax rate, which earlier looks set to stay at 39.6% now drops to 37%.
Which Democrats and other critics say further tilts the bills benefits towards the wealthy. House Ways and Means Committee Chairman, Kevin Brady.>> I do predict both the House and Senate will approve this tax reform bill. Lots of momentum.>> Negotiators made a few last minute tweaks. Expanding a child tax credit to win the support of Republican Senator Marco Rubio.
They left out an earlier provision that would have allowed churches to get involved in elections, but kept in elements that undercut Obamacare and open up an Alaska wildlife preserve to oil drilling. Longtime holdout Bob Corker, now says he'll vote yes, despite his concerns that it'll make the nation's budget picture worse.
The final product is expected to put the government roughly $1 trillion deeper in debt. The drama's not completely over yet. There are a few Republicans in the Senate who haven't said how they'll vote. Susan Collins of Maine and Jeff Flake of Arizona among them. Senate Republican leader, Mitch McConnell needs nearly every single one of his Republicans on board, because the Democrats have lined up unanimously against it.
More than anything, GOP lawmakers and President Trump are eager to end a rocky year on a high note and it looks like they just might get their wish. The biggest tax overhaul in more than 30 years, getting closer and closer to reality.