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00:00:00
>> Those opposed, say no.>> Republicans on Capital Hill Wednesday feeling even more heat to get their sweeping tax plan through Congress after the big election victory by the Democrats. GOP leaders in the House say they want the tax bill ready for a floor vote as early as next week.
00:00:16
But to get there, they'll need to overcome growing resistance from within their own ranks.>> I think we need to do even more to provide a tax cut, not just tax reforms, but a tax cut to every American.>> Some lawmakers, including Senator Ted Cruz of Texas, worry the plan to take away the state and local tax deduction could wind up raising taxes for people in several big states.
00:00:39
Reporter David Morgan is on the story>> Well Senator Cruz is a very staunch conservative. And so, he doesn't want to see a tax bill that raises taxes on anybody. He has allies on that position because Rand Paul, who is another conservative from Kentucky has previously, questioned whether or not that is really a tax cut, and really the kind of tax reform that Republicans should be putting forward.
00:01:08
>> The House plan, backed by President Trump, would also cut the corporate tax rate from 35 to 20%, which Trump said would spark job growth. Influential conservative group, Club For Growth on Tuesday blasted the bill for keeping in place the existing top tax rate on millionaires, and for not scrapping the estate tax right away.
00:01:27
The plan's architect, Ways and Means Committee Chairman Kevin Brady on Tuesday said he's open to further changes. But his task made harder Wednesday as the Congressional Budget Office said the House plan as written will add too much to the US deficit. Some 1.7 trillion over ten years to qualify for special rules that would let Republicans fast track the bill through the Senate.
00:01:51
Democrats firmly reject the GOP tax plan as a give away to the rich. And on Wednesday Senator Chuck Schumer said Republicans should take a warning from Tuesday's election results>> The Republicans should look at the elections last night, and it should be a giant stop sign for their tax bill.
00:02:07
>> GOP leaders in the Senate are set to unveil their own version of tax reform on Thursday.