Years in the making but when President Trump was elected i think the republican members of congress saw this as an opportunity to try to really drive things this year, 2017. Host we have linked the bill on our congressional chronicle. Just a couple of highlights from this bill. It would reduce the number of individual tax brackets from seven to four, the top rate stood at 39. 6 . It reduces the top Corporate Tax rate from 35 to 20 limiting mortgage Interest Deduction to loan to 500,000 or less and would roughly double the individual and family standard deductions. It also caps state and local property Tax Deduction at 10,000, increasing the increasing the Child Tax Credit from 1000, the 1600 per dollars per child and no longer allows medical expense of property loss deductions. Aaron lorenzo one of the issues that came up we could go in the budget that was issued this date a local Tax Deduction. Some 20 members of the new york and new jersey delegation voting against the budget because of their concerns over that. How was it resolved any tax reform bill . Guest what you see in the bill is a bit of an effort of compromise. State and local taxes generally include three major taxes, income taxes, sales taxes and property taxes. What theyve done is strip away the deduction for income tax. A strip away the deduction for sales tax. They are leaving in place i deduction for property taxes only but up to 10,000. The state and local sales, state and local deduction as we know it would not be the same going forward. Host tell us about the Corporate Tax rate. That drops from 35 to 20 . Is that a permanent drop . Guest are proposing a permanent change. There is been a lot of chatter for weeks if not longer that change could only last for a certain period, may be up to a decade or it may begin a phased in slowly, maybe over a couple years and eventually get to a 20 . What we saw in the paper that rolled out this morning is permanent 20 starting once the bill is signed for next year. They had that discussion up until the last minute from what i understand i think that was part of the deliberations into last night. Figuring out how they could pay for a 15 percentage point reduction in the corporate rate. Thats why the other options are still on the table so late in the game. Host republicans efforts were not used to lower taxes but also on simplification to understand theyre trying to reduce the individual form down to a postcard sized return. Is that correct . Guest that is certainly the talking point, and republican members who are involved in this effort walk around and like to show these sample postcards. Simplification is a big motivator for them, and if you like the public in general individual taxpayers, also business taxpayers would you greatly, would benefit greatly i should say from spin the whole lot less time and effort in assembling what you all at the end of the year. Host are there anything, is there anything in this house legislation for democrats to like . And secondarily whats the biggest obstacle in the house for republicans to get passage on this . Where are the stumbling blocks . Guest i dont think democrats are coming out in much support, if at all, at this point. There are some provisions that theoretically would attract, would appeal to the democratic side of the aisle. The higher Child Tax Credit is one of them. They have expanded family related tax credits. Theres a couple of 300 credit that if they didnt exist before related to dependent care, but those actually go, not the Child Tax Credit increase but these other additional credits there putting on the table, those go away after five years. Theres a a limited runway for those. Those are interesting new developments. Ask for a stumbling blocks, it is hard to find pay fors or offsets to cover the revenue changes that this bill contemplates. Anderson has given ideas about that, and i think in the next few weeks will start to see maybe a little more clearly where some of those differences are. That sort of remains to be seen. As it is right now the House Republicans put the bill out today. There is a small window to maybe affects some changes. Chairman brady going to be a busy person with a lot of people requesting some sort of tweaks here or there. Maybe some big changes people want, maybe some really small changes. And when committee begins consideration next monday from that point forward i think the amendment process will be pretty limited. Over the next couple of days if anything gets changed thats the window of opportunity than what they start of rations next week. Whats the timeline or intended timeline for passage in the house . Guest ultimate passage i think would be the week after next. Committee passage is on tap for next week. Whats called the markup gets underway on monday, and its scheduled to run i believe through thursday, maybe monday, tuesday, wednesday. Wednesday could go into the evening im told, or later into the night, and thursday may be part of the day. I think that week numbers are not scheduled to be in on friday, the veterans day recess or they have a day off for veterans day. The week they come back after veterans day i think is when this is expected to get to the house floor. Host Aaron Lorenzo is tax reporter for Political Program you can read more at politico. Com and follow his reporting, his coming of this bill and more on twitter. Thanks for the update. Guest thank you. Hes been called one of the premier of our age, bestselling author whose books have been adapted into three awardwinning movies, Michael Lewis will be our guest sunday on in depth. Almost all the books have in common aside maybe from a market angle is the characters come interesting characters to be in interesting situations. So the trick is it you can attach the reader to the character, the beginning of the book, they will follow that character anywhere. Trust me, theres no one in america who would want to read my description of collateralized debt obligations. [laughing] unless you realize the lives of these people turn on knowing what that is really no. So its a very, very powerful vice that is the origins of literature. Mr. Cruz is the author of several books including liars poker, money ball, the big short and his most recent, the undoing project. During our live threehour conversation, well take your calls, tweets and facebook questions. Watch in depth with author Michael Lewis sunday live from noon to 3 p. M. Eastern on booktv on cspan2. House Speaker Paul Ryan and other Republican Leaders unveil the tax reform plan to hoping to pass by thanksgiving. House ways and Means Committee chair kevin brady said it is a bill the president for reports. Other republican spoke about the need to get this bill signed into law