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Also the repeal of the corporate alternate minimum tax. that will be done as well. john, shift to the individual side. democrats have been attacking on the individual side a lot saying it doesn't do nearly enough. here's what the bill actually does. across the board the rates are actually cut, including the top rate dropping from 39.6% down to 37%. republicans also touting the standard deduction, big component they believe will help a lot of taxpayers as well. there's also the doubling of the child tax credit from $1,000 to $2,000. then you have to look at some things they've shifted to save o...

Would be a tax increase. >> how is that? how does it raise their taxes? >> how does it raise their taxes? you're a private equity guy you get a tax increase. the top rate guise from 39.6% to 37%. >> i get that but -- >> their state level income gets capped, their home is less valuable. they're going to feel poor. it creates a recession and not this boom in economic growth you're talking about. to say nothing of adding to huge national debt, increasing deficits, probably destroying our credit rating as a nation. thank you, stephen. >> look, there's nothing in this bill that raises taxes on the ...

Disproportionate number of the spending. what do you think? >> top 1% spend a lot as well as pay a lot in taxes. so they really stuck to it the blue states in a sense that, you know, they can no longer deduct state and local taxes above the 10,000 property tax limits. so i don't think it's enough to have the rich or the wealthy move to a different state. i think that the rich actually reducing the rate from 39.6 to 37% on that top rate will be a net positive. but you're right. some of those deductions are no longer there. so in the end, the rich may pay more. i mean, the liberal media has it w...

Polls is about bad messaging, not the contents of the bill. it will keep the current seven brackets for income taxes but lowers the rates and changes income thresholds. top rate is 37% versus 39.6% under current law. individual tax cuts expire after 2025. meanwhile the standard deduction is almost doubled to between $12,000 for individuals and $24,000 for couples. the new tax bill cuts the corporate tax rate from 35% to 21%. while taxing foreign earnings at lower rates and the bill offers an expanded child tax credit. here is majority leader mitch mcconnell speaking this morning after the sena...

It will be an incredible christmas gift for hard-working americans. i said i wanted to have it done before christmas. we got it done. >> the legislation cuts the corporate tax rate from 35% to 21%. nearly doubles the standard deduction, the amount of income tax-free for 12,000 for single people, 24,000 for married couples. the top tax rate drops from 39.6% to 37%. the child tax credit doubles to $2,000. the plan would also repeal the affordable care act's individual mandate but not until 2019. state and local tax deductions are capped now at $10,000. this is where people in high tax states tak...