Caps Mortgage Interest Rate deductions at 750,000. And caps the state and local Tax Deductions at 10,000. Now, on the tax brackets that weve been talking so much about, this actually, this proposal, this bill that they are voting on keeps 7 personal incomes tax brackets. Lowest stays there with 10 . But lowers top individual rate. Down from 39. 6 to now 37 . So a lot of details with massive massive tax overhaul. But again at the end of the day today, republicans looking for a win. Sunlen, thank you so much. Well ta in close contact with you and keep your eyes on the screen here on the house floor as the vote is set to get under way. And after the fact a massive victory lap over at the white house. Before we get there, i have with
at all. And so thats going to be really interesting to watch next year. You know, especially in those districts where you have vulnerable republicans and the Hillary Clinton won in 2016. Maybe this is the message to help some of those republicans, abby, i saw this tweet from bloomberg to sa quill. He said if it passes he will have repealed, and cut tax, opened up awr judges, killed a lot of regulations. This is not a trivial agenda. Abby . I this i thats pretty much right. Like we got to the and of this year not exactly sure how taxes would go. Because weve gotten so close on health care, and those other votes did not go through, so it was unclear whether they would finally be able to get something. Because i think the judges issue is important to sort of movement
on conservatives, washington conservatives. But this Trump White House understands what they need to do is deliver something that people can see in their homes and at their kitchen tables. And thats what tax reform has the opportunity for them to do. I think this white house is feeling pretty good right now, because they are closing out this year having done at least one big thing. They had hoped to get two. They got one. And they got the repeal of the individual mandate. They are feeling pretty good. And youll hear in a couple of minutes a little bit of that from Sarah Huckabee sanders. They are waiting until this vote happens before she comes out so that she can tout this really important moment for this white house. So abby made a great point, jim, how this is a way for folks to see how this translates around their own kitchen tables. We saw the roll out at the white house and how effective that way pr strategy wise when we saw all the families come forward and
saying thanks mr. President , this is how it will help me and my family. But heres the but, two thirds see the bill as doing more to benefit the wealthy than the middle class and almost 4 in 10 americans say in the bill becomes will you their own family will be worse off. Yet this is what paul ryan said earlier today. When we get this done, when people see their withholding improving and jobs occurring, and see bigger checks, a simpler tax code, thats what is going to produce the results, results are going to make this popular. So, jim, for all of The Americans watching and wondering how does this affect me, how much do i really benefit . And i mean not just next year, but longer term, who stands to benefit the most . Well, if you are watching this and you are american you are probably getting a tax cut from this. The simple truth in the first year is tax cut for almost everybody. Not everybody, there are
millions of families, particularly middle class, Upper Middle Class families who will see tax increases especially in high tax states. But in the first year it is a tax cut. Not a huge cut for a lot of folks but its a substantial one. Now what happens over time in the bill is those tax cuts fade for a lot of people. Particularly in the middle class and for lower income people by the end, if the bill stays as written, by the end of the ten years, the bill calls for all of the tax cuts go away. And so then you might actually see, actually you would see, tax hikes on basically everybody. So in the first year republicans are betting those benefits will be so great that people arent worried about what comes down the line. And what we have seen in polling and you are seeing as well is people having a lot more concerns, perhaps looking farther into the future. Im trying to pull up this tweet. L. A. Times editorial board, this is part of what they wrote, republicans haphazard approach
to tax reform feels like a long weekend of bing drinking, should be ahead splitting fiscal hangover. One groups opinions. Please let me ask all of you to stand by. Any moment now voting is expected to begin on the house floor for this republican tax bill. We will take that live. Stay with me. Im brooke baldwin. Are you watching cnn special live coverage. Pop that in there. Hit strong. Press brew. Thats it. Strong. Bold. Rich. I feel like youre toying with me. Show me how strong you are. screams lift me up dan lift me up for her compassion and care. He spent decades fighting to give families a second chance. But to help others, they first had to protect themselves. I have afib. Even for a nurse, its complicated. And it puts me at higher risk of stroke. That would be devastating. I had to learn all i could to help protect myself. Once i got the facts, my doctor and i chose xarelto®. Xarelto®. To help keep me protected. Oncedaily xarelto®, a latestgeneration blood thinner. Significantly lowers the risk of stroke in people with afib not caused by a heart valve problem. It has similar effectiveness to warfarin. Xarelto® works differently. Warfarin interferes with at least 6 bloodclotting factors. Xarelto® is selective, targeting just one critical factor interacting with less of your bodys natural bloodclotting function. For Afib Patients wellmanaged on warfarin, there is limited information on how xarelto® compares in reducing the risk of stroke. Dont stop taking xarelto® without talking to your doctor, as this may increase risk of stroke. While taking, you may bruise more easily, or take longer for bleeding to stop. It may increase your risk of bleeding if you take certain medicines. Xarelto® can cause serious, and in rare cases, fatal bleeding. Get help right away for unexpected bleeding, unusual bruising, or tingling. If youve had spinal anesthesia, watch for back pain or any nerve or musclerelated signs or symptoms. Do not take xarelto® if you have an Artificial Heart Valve or abnormal bleeding. Tell your doctor before all planned medical or dental procedures. And before starting xarelto®about any conditions, such as kidney, liver, or bleeding problems. Its important to learn all you can. To help protect yourself from a stroke. Talk to your doctor about xarelto®. Theres more to know™. You or joints. Something for your heart. But do you take something for your brain. With an ingredient originally found in jellyfish, prevagen is the number one selling brainhealth supplement in drug stores nationwide. Prevagen. The name to remember. Were back. Youre watching cnn. Im brooke baldwin. Watching live pictures of the floor. To begin voting on this republican tax plan. It is expected to pass, right. So this is the house and goes onto senate. But keep in mind as we are watching these numbers flash up on the screen, ultimately we are watching for 217, good enough for the house to pass this thing. I have my panel back. And david, take us onto the floor of the house and walk us through what is happening and what to watch for. As you said we are going through a procedural vote now. Then on to the real vote. And heres what is key. You already heard from paul ryan, that sort of the messaging around this, theyll have the vote to tout. Well hear from Sarah Huckabee sanders. And if the senate is able to finish its Business Tonight and gets on the desk of the president tomorrow, the key here is going to be President Trump, how he marks this moment in time, visually from a message Point Of View before people are fully immersed into the holiday break. He really is going to try, as you saw him start doing yesterday in his speech, to end this year with some better spin on the ball here. You read that list, brooke, i thought it was a good list of all those republican accomplishments that the bloomberg reporter had tweeted. I would also add to that people in america are feeling much
better in about the economy then they have in years. Obviously the president touting on the regular basis stock market numbers. And yet, and yet. His Approval Rate something low. Is hanging so far low. So his behavior in office is spree preventing him from reaping the rewards, usually that helps a president , that is not helping him right now because hes get inning his own way. Jim, what do you make of that . Normally you have these two data points, right, you have economy thats doing well, very well, and then you have a president who typically does very well. They are linked. And in this case with the new numbers on the president s Approval Rating all down to 35 , again, you know, one of our numbers here cnn, yet youve seen the boom on wall street and beyond, how do you reconcile that . Well, we have done some polling with Survey Monkey throughout the year. And what we found is that the president s Approval Rate something highly correlated with
economic optimism. In fact, number one in all of the poll. Which tells us two things. One the president is helping to lifted peoples assessment of the economy among people who like him. But also that his rating would probably be a lot lower if people werent so optimistic about the economy right now. So in a weird way that interplay is really helping the president on one side of this equation. On the other side, i this i we are seeing with people who dont think this bill is going to help them, the tax bill, some of that is proxy how they feel about trump. And if they continue to not like the president , they may be less inclined to credit his tax bill, Signature Tax Bill for any improvements they see in their own paychecks. Once this bill wraps and presumably pass, as david says could get to the senate tonight, and lands on the president tomorrow for autograph, abby to
you we will then see Sarah Sanders. What do you expect from her . This is white house keenly intent on keeping promise, youll see this for the rest of the week. In a doigs what you will hear from Sarah Huckabee sanders, you can pekt the president today having a major unveiling of this new policy that hes been able to put on the table. Because the white house believes that their supporters are less focused on the nittygritty and ups and downs and more focused on whether trump is doing what he said he was going to do in the campaign and whether he can drive that home. Youve seen a lot in the last week about that on a number of issues, not just on taxes, but on National Security issues, on immigration. This white house wants to be able to say if they go into january 1 this is a president who keeps his promises. Now, you know, i think jim and others have mentioned a little bit of this, but i think that when it comes down to the Approval Rating of this tax bill, it will be interesting to see how that fares longterm. It is possible that people are reacting to what they heard about the bill in the back and forth, horse trading. And that there is a possibility that once they see a little bit more money in their paychecks, theyll be happy with it. But its also possible that its not as much as was promised. Youll hear the president say they will get a very Big Christmas present. If january, people are seeing a sma small christmas present, its unclear how they will feel. Maybe big promises and what they delivered to them was smaller than that. So its interesting, i think you are totally right, it will be from Sarah Sanders and from the administration, see we promised this tax cut for you, and we are delivering, and oh,
by the way that individual mandate obamacare, byebye, its gone. So my question to you in how it translates, fast forward to the midterms in 2018, how will that translate for those republicans . Specifically in the rust belt states, will be that enough to help them along . Thats a huge question we cant answer. Because as you know so much can change between now and then. Anything from the russia investigation, if that captures peoples interest more, make them more concerned about stability in the white house, how the economy is doing next year, right before the election, that will have so much to do with how they vote. And really the question, you know, that democrats are trying to sell to people is you want a check on trumps power. So let us move in and take control of either one chamber or the other. Trump is making you weary. His tweets. His behavior. Thats what they are selling to people. And will a tax cut be enough to balance that out . We dont know yet. Thats the question. I got you. Just again, quickly, just play by play what we are looking at now, we are still waiting for the official tax vote to begin. They have this procedural vote. They are still in the middle of that. Five votes waiting for the procedural vote to wrap. Then we will move on. Okay. Im being told that they are voting on it now. Shall we dip in for a moment and listen . Lets listen. Members will record their votes by electronic device. This is a five minute vote. There they go. They are now officially voting on this massive tax bill that the republicans are planning on
having this be a huge win. That number 217 that is the number of yea votes they need for this massive tax vote to pass. And david, just over to you, we have some sound lech. Let me play this. Because the focus is on the house then moves onto the senate. So we have some sound on on paul ryan from selling this bill. Here he was. As youve heard all my colleagues say the facts are not irrelevant. So we are beginning to make the argument to the American People. And they are going to see, as senator blunt pointed out, they do get more on average. And i think the argument is still out there to be won. Look at all the indicators of optimism. Look at the, although i dont want to over emphasize quarterly growth rates, but i think
quarterly growth rates of 3 are pretty significant. Look at the stock market and look at the optimism. I think the American People are going to begin to feel that the country is moving again after eight years of relative stagnation. Thank you. Okay. So that was Senate Majority leader there. And you heard key words. Stock market. Optimism. We have another voice mark preston, let me bring you into this conversation as we are watching this house vote on this tax bill. We hear language like this. We hear language we saw paul ryan on recapturing our destiny. This is about promises kept. This is about followthrough. What is your assessment as we are just about a minute into this . Well, a couple of things. One, i think what you said at the very end, promises kept and followthrough. If you go back through the past 11 years of the trump presidency, there hasnt been
any successes, there hasnt been any follow through. There has been a lot of mistakes made by the administration and on capitol hill as well. Not strg all their ducks lined up. But as we talk about this tax cut right now, and republicans will talk about spurring economic growth, and in the long run that will offset the additional money that its going to add to the deficit. The fact is we are headed into 2018 right now, and this is the kind of vote i believe that is going to energize the liberal left. Its not necessarily going to energize the republicans. How so . Because what theyll say, and we have seen some people pulled out of the House Chamber screaming down there, because what we are going to see from the liberal left is that republicans in power are going to continue to try to do these types of things that they are against. So its a lot easier to try to get your grassroots activists charged up to oppose something as opposed to getting them charged up to say hey great job in getting that done. So this vote while taking place
in 2017 will have great, great influence on what happens in 2018. That is exactly what i was asking mave about. But i realize a lot can happen between December 19th and next november. David, just to you on democrats. Whats the democrats move once this passes . There is it the Vice President there, brooke, hes going to preside and be part of the messaging operation from the Administration Today even if hes tie breaking vote isnt needed in the senate. Well, looks like you are over the margin there, brooke, 224 yea votes. So the bill looks like it has enough votes that its passed. Lets listen in, david. Okay. A little bit of nothing. There was applause. You are right. 226. All they needed was 217. Plenty of opportunity to get applause, no doubt. I think the speaker is up there. Is that the Vice President at the top there . No, i dont think. Go ahead. Question on your democrats, youll hear the democrats make the argument that so far has been the winning argument that sees the tax bill that favors the wealthy. So theyll make a class argument. I am very curious to find out and i asked a lot of democrats this, i wonder if next fall this bill is going to be something in their ads or something theyll be more focused on health care, trump, investigations, and all things donald trump more than this bill. Its hard down the road, necessarily, to run against a tax cut. Its a little easier to run against tax hikes. Do we know weve all been pouring through these numbers. And 73 of americans all part of the cnn polling want president
trump to release his taxes publicly. Right. This is all germane, once again because people are wondering how this this go for the trump family. How does President Trump benefit from this . Because we hear over white house this is good for middle class america. But you heard from jim tax cut and be surprised maybe not as big a chunk of change. But after that first year, it continues to get smaller and smaller. And so still that thi