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For the wealthiest highest earners, 39.6% to 37%. current standard deduction is nearly doubled for individuals tos 12ds,000, for couples to $24,000. on the other side of this a whole lot of people lose the ability to deduct their state income taxes. the child credit, the child tax credit increased to $2,000. the refundable part has been raised to $s 1,400. something marco rubio demanded. not this much, demanded it up by a little and got it. he is a yes vote on this and another credit for dependents, $500. mortgage interest deduction applies to the first $750,000 are new loans. lowered from the...

Do they need to have their taxes cut from 39.6 percent to 37 percent? and the so-called pass-throughs, because of the deduction you will give them, you will get a situation where a lot of employees that work those companies will be taxed at a higher rate than their bosses. >> well, pass-throughs are the engine of growth in this country. and this is about creating the lowest tax rate for pass-throughs since the 1930s. that is going to be massive, massive economic growth.it is about fixing a broken tax system. we have one of the highest corporate tax in the world with companies leaving trillions...

Terrific bill as you put it. first fairness. this was senate democratic leader chuck schumer had to say about it. >> god bless wealthy people. i'm glad we have them. but they do not need a tax break. >> let me pick up on that because critics note the tax rate for top earners dropped from 39.6 percent to 37 percent. the top corporate tax rate is cut from 35 percent to 21 percent. and the owners are so-called pass-through companies get a 20 percent deduction. the tax policy center analyzed the earlier senate bill which did not even have all of those provisions and said the top 10, the one percen...

Favors the wealthy. even though the top tax rate is falling to 37%, he says rich americans in high-tax states will pay more when they lose most of their state and local income tax and property tax deductions. >> even lowering the top rate from 39.6% to 37% in the high-tax states, actually, rich people's taxes will be going up, and the reason why we lowered the top rate is because we are sensitive to that's a very large part of the economy, but the president was right, there are people who are rich people that are having their taxes going up. >> so far, every score shows the biggest benefits of...

Changes the income thresholds for example the top rate would be 37% versus 39.6% under current law. in the individual tax cuts, expire after 2025. 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 offers an expanded child tax credit for some low income families, thanks to a push by republican senators marco rubio and mike lee. that more generous child tax credit was key in securing senator rubio's support for the final bill. as party ...