able to utter the words republicans raise my taxes. martha: robert shapiro, what you think about the bill as it looks now? the fact is this is a $5.8 trillion in tax cuts and $4.3 trillion in tax increases. when you are dealing with numbers like that you have a lot of winners and you have a lot of losers. and that s what the joint tax committee has said, that s what the tax policy center has said. that s with the institute for taxation and economic policy have said. they all agree that it looks like depending on the year between 20 and 25% of taxpayers will see a tax increase. those at the very top will see very large tax cuts, and about 60% of the country will get modest tax cuts. martha: i don t see a big tax cut at the upper end of the bracket. the senate plan cuts it to 38.5,
a new york times article that the senate tax bill revealed this week would increase taxes on millions of middle class families while benefiting high income households. yeah, some people are going to see their taxes go up at all income levels but it s not until david the very last paragraph of that long article that the times notes the senate plan would realize, get this, $30 billion in lower taxes next year, and that the majority of families will see a $1300 savings in 2018 got it? okay? so this is how the senate republicans bill is different than the house version of tax reform. let s start with businesses. both cut the corporate tax rate to 20% but the senate doesn t slash it until 2019. that s why it lowers the cost of the bill but it potentially delays companies making key decisions. as for individuals, the senate bill fails to simplify the number of brackets so you still have seven but it lowers the rates for them including that top personal tax rate that would come down to 38.5%
the bottom tax bracket to 12%. high earners would pay a top tax rate of only 38.5% in the senate plan. that is down from 39.6%. the rate that was maintained in the house bill. the house plans to vote on their tax cut bill next week after it passed the house ways and means committee in a party line vote. here s what senator bernie sanders said on chris hayes show tonight about the republican tax cut bill. you have members of congress who are saying if we don t pass this, our billionaire friends are not going to contribute to our campaigns. that is what this whole tax bill is about. massive tax breaks for the wealthiest people in this country, significant reduction in corporate tax rates at a time when corporations are earning record breaking profits and at the end of ten years in the house bill almost half of the
shepard: republican lawmakers are moving forward with their tax plan now, but the house and senate versions of the bill are split on some major issues, which could make it tough for the g.o.p. to agree on a bill and pass it by the end of the year. some house republicans already slamming parts of the senate bill. house lawmakers expected to debate and possibly vote on their bill next week. while the senate bill is headed to committee for work. the fox business network gerri willis is here with each hills would mean for each american. dozens and dozens of differences between the bill. let s get to big ones, individual tax brackets, the house has four. 39.6. the senate only seven the way is right now. the big thing 38.5%.
these. this doesn t actually make anything simpler for regular people. a bit of a smoke and mirrors thing, but the house plan, this one, stuck pretty close to the goal of reducing the number of tax brackets. reduced from seven to four. current code, seven. these are the four. notice the top bracket is the same with the house as the current law. the senate on the other hand sticks to the current search but drops the top rate down from 39.6% to 38.5%. then there are deductions. i want to start with the state and local tax deduction. state and local tax. that s s.a.l.t. you hear them talking about the s.a.l.t. deduction. the current tax code allows you to deduct property taxes, state income taxes or state sales tax if you live in a tax that doesn t have income tax or where sales taxes are higher. the house bill limits the deduction to just property taxes and just $10,000 worth of property taxes. if you live in a high taxed