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00:00:00
>> This is it.>> President Trump's promise of deep tax cuts taking a big step forward as Republicans in the House of Representatives unveil a plan to cut the average family's tax bill by $1100 a year.>> That $1182 more, for the average family. That will you put more money away for college, it will help you save for your retirement, it will help you save for a rainy day.
00:00:21
>> I'm Andy Sullivan in Washington where Republicans have been working behind closed doors for months on a plan that would dramatically overhaul the US tax code for the first time in more than 30 years. And now they've finally released it to the public. They're arguing that it would lead to a lower tax bill and a simpler filing process for most Americans.
00:00:39
They're gonna try to move this Bill as quickly as possible through Congress before its many opponents can pick it apart. First votes are on Monday. Ways and means committee chairman Kevin Brady says the plan will boost jobs.>> There's relief for American workers and there's tax relief, for our hard-working job creators of all sizes.
00:00:58
>> Republicans say their 429-page Tax Cuts & Jobs Act will cut taxes by $6 trillion over ten years. The biggest cuts going to corporations, which would see their tax rate fall from 35% to 20%. Individual taxes get streamlined. Most Americans would pay either 12% or 25%, independent experts say those cuts would add trillions of dollars to the national debt.
00:01:23
Brady hopes to lessen the impact by scaling back popular breaks for state and local taxes and by capping the popular write off for mortgage interest. Republican leaders who met with Trump on Thursday afternoon said most people would be able to file their taxes on a post card.>> Carry it on post cards.
00:01:39
LAUGH]>>
Great Job.>> It's yours. It's yours. You gonna->> Democrats say that the plan would shower benefits on people who are already well off.>> Because they eliminate the deductions for the middle class and increase the ability of the wealthy, to pay less.>> Republicans are starting in a hole here, Reuters IPSOS polling shows that only 27% of Americans support their tax plan.
00:02:05
Many worry that it amounts to nothing more than a massive giveaway to billionaires like Donald Trump. In fact the tax plan does not lower income tax rates paid by the wealthiest Americans, but it does eliminate other taxes aimed at the wealthy. Such as the alternative minimum tax, which Trump has had to pay in years past.
00:02:23
This will be a central aspect of the debate moving forward. Like any big policy change, it creates winners and losers. Republicans are eager to make the case that most Americans will come out ahead.