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Start with the policy, this is extraordinarily important. virtually every american will be impacted by this bill. that they expect to pass as soon as early next week. what republicans have changed, we want to start with the corporate rate set in the house and senate at 20%, moved up to 21%. why? $100 billion approximately of revenue there. they needed that to pay for a lot of other changes. mortgage interest rate deductions. senate left it untouched, the house took it to 500,000. they will meet in the middle, 750,000. the state and local tax deduction, this has been a huge issue for tie tax st...

Majority leader, the speaker. republicans say they are on the verge of passing their overhaul of the u.s. tax system, something that hasn't been done in 31 years. negotiators struck a deal on all of the top-line elements about how to reconcile the house and senate plans. now, the details here are extremely important, and a lot of them diverge from where the house and senate both were. take the top individual rate. that will move to 37%. you'll remember, the house had it at 39.6%, the current rate, the senate 38.5%. now take a look at the corporate rate. that, both the house and senate republic...

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Drop in 2019. speaking to maria bartiromo earlier, steve mnuchin that you saw in that video there, he left open the door to the possibility of a corporate rate phase-in. listen here. >> the house and senate are having to look at how we pay for all of this, including a major focus of the president, his middle income tax cuts. so these are the things that are still being discussed. obviously right away is better than a year. >> obviously details. we'll start with the individual side. calls for seven brackets like the current lot. the top right at 38.5%. this differs, the senate plan from the hou...

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