forgotten. reporter: but in the new bill, the individual tax cuts expire after eight years. and tonight, that new analysis finds in a decade, 70% of middle income americans would face a tax increase. while 76% of the wealthiest would receive a tax cut. are you just giving yourself a big tax cut here? ah, no. we ll be judged not by how y all report the tax cuts, how people feel it. reporter: if you live in a state with high property and income taxes, you could also lose out. the bill caps state and local property and income tax deductions at $10,000. the bill repeals the obamacare individual mandate that all americans have insurance, which could leave 13 million more americans uninsured and leave premiums skyrocketing. and mary bruce with us live on the hill tonight. and mary, we know that senator john mccain is returning home to arizona to recuperate from treatment related to those side effects of his cancer therapy. we ll told he s responding well. that s good news tonight. he
ben angela is talking. whether it s macro or micro economics, ben, everyone knows that the economy lags. so i am going to say that we can attribute a lot of this to the successes and the things that were put in place by president obama. i will also say, all of these things that you re talking about related to this tax reform bill are false. there are single people that will be hit very hard. all of them? there are single people who will be hit very hard by this bill. yes, it s true. the fact that you can only have a limited amount of state and local income tax deductions accounted for, that s going to hit a lot of people very hard if you don t have children. i don t have children. it s going to hit me hard. as a business owner it s going to hit me. we re out of time, ben. there you have it. all right. angela, ben, bianna, appreciate your time. i m awake. yeah. after that. thank you all very much. we do have news in. our manu raju getting another one of his intervi
wor words. rick, what is interesting to me, this is changing around the margins. we have talked about winners and losers. but you have done the math for you personally and found that, thanks for sharing your salary information here, you would personally save about $2100. right. explain that. right. and i would actually be punished, i would lose some of the state and local income tax deductions, total tax deductions, which would push my taxable income up. and i m doing this because i think this is a problem for a lot of people that can do the calculations for themselves for their own benefits. but i would benefit by the change in the threshhold for the alternative minimum tax. so i would no longer be subject to the amt. different people, it will affect people different ways. it depends on where you live, how much you pay in state and local taxes, how many kids you have and other factors like that. can you say if you would be the exception to the rule here, rick? or is it variabl
local income tax deductions, to increase that, and income for small businesses, the senate version is more generous. they got things to work through, the sense of palpable relief is a good sign that people feel this would be an easier lift that initial bills. the estate tax repeal, the house repealed totally, compromising on doubling the exemption from 5 $.5 million to $11 million but it won t be revealed. that is an important conversation to have because this whole tax reform is about getting capital into the market. there are too many people on the republican side who keep talking
the fate of the president s massive tax reform moves back to the full congress this week. the house and senate now have to reconcile the differences between the senate and house versions. some of the key differences between the two versions are the number of tax brackets and also the tax rate individuals will play. also at stake are state and local income tax deductions and whether the mortgage interest rate deductions get to stay as they are. senators have been promoting the bill s provegzisionprovisions. they will say they will slow the tax taxes. over the last three years they work on every aspect of the bill. even the joint committee on taxation has projected that the tax bill would stimulate the economy to produce hundreds of billions of additional revenue.