threatened to derail it. some include no reduction in the number of personal income tax brackets. there will still be seven. taxes will be lower for many in those brackets. the biggest cut is for corporations where the tax rate drops to 21%. individuals will be able to deduct up to $10,000. and the exemption for the estate tax will be doubled. a short time ago the president explains why he thinks this will be good for the middle class. this will be great for jobs. it will be fantastic tofor the middle inni middle in come people. if you look at the whole thing, everybody s going to benefit. but i think the greatest benefit is going to be for jobs and for the middle class. middle income. cnn s boris sanchez is in washington at the white house.