the fate of the massive tax reform moves back to the full congress and they now have to reconcile the differences between the senate and the house version, the house version passing in november. the senate version just saturday morning. already the white house is saying it will consider small changes to the corporate tax rate in order to get it passed. we are very close to the finish line. you know he wanted a 15% rate from the beginning. that moved to a 20% rate as part of the discussion. my understanding is that the senate has a 20% and the house has 2o% right now. we are happy with both of those numbers. if something small happens in conference and gets us across the finish line, we will look at it on a case by case basis. i don t think you are seeing significant change. so the key differences between the two versions are the number of tax brackets and the tax rate individuals will play. also at stake are state and local income tax deductions and
abc s mary bruce back on the hill tonight. reporter: after 24 hours of frantic negotiations mitch mcconnell announced they have the votes. to pass tax reform. the final bill has not been released. a point democrats have been hammering. the american people have a right to know what is in this proposal. reporter: what is in the bill? it eliminates the obamacare mandate. cuts the corporate tax rate to just 20 percent. doubles the standard deduction, but gets rid of all individual state and local income tax deductions and caps property tax deductions at $10,000. a last minute concession to get senator susan collins on board. there s always horse-trading when you re trying to put a piece of legislation together. especially a tax bill. reporter: for jeff flake it was a promise to protect dreamers. they re working with us. there are no firm guarantees that are iron clad in politics. reporter: there are also provisions that have nothing to do with tax reform.
if you re are an average middle class family, chances are in the first year you re probably getting a little bit of a tax cut as well. most income groups see a little bit of a tax cut. later on, you re not getting that much of a tax cut because a lot of this stuff phases out. corporations keep their tax cuts. individuals don t. the other piece of this is if you are a person celebrating thanksgiving in new jersey and new york or california and you ve got a big mortgage, you take a lot of deduction on your state and local taxes, you could be getting a tax hike in this and you probably won t be super psyched about that. i m going to play my mom here at the thanksgiving table in new jersey where she is and she s going to go, companies, they re doing so well, look at the stock market, rich guys, they re only getting richer. how s that going to help us? i mean, people out there, average joes, they haven t got raises. that s absolutely right. when you really kind of louis, you have to
ron johnson a no on the version. 13 republicans in the house said no, not enough to stop them from passing the tax bill. many of them coming from states where the taxes will be end up being raised on the middle class, states like new jersey and new york and california where you cut out the middle class i m sorry the income tax deductions. we should note nbc news has done an analysis on the house bill and we should say that in its current form, the president of the united states and his family stands to save $1 billion if this tax plan ends up going to donald trump s desk and he ends up signing it. garrett haake, thank you very much. stick around for a moment. the top of the hour here on msnbc. i m katie tur. we re following several breaking stories this hour. as we talked about the house passed a sweeping rewrite of the
that people use, is going to end up being a tax increase for many, many new yorkers. so i am a believer in tax reform, kate, our citizens are overburdened, the tax code is complicated, it kills jobs, we have to stimulate our economy, we have to create jobs, but not on the backs of the people that i represent. so i m a no vote now and my hope is that when the bills go to conference, that there is some people over in the senate, as one of your reporters just mentioned, senator cruz, saying he wants tax cuts for every american, so do i, particularly the people of new york. so congressman, the president s coming to talk to you all in a couple minutes. is there anything that he can say to change your mind right now? if he says that they re going to put the retain the state and local tax deduction in its current form in the bill, yeah, that could persuade me. right. but that is not going to happen, right? it s going to a vote in a couple hours, right? yes. we re supposed to vote th