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Welcome back. republicans are hoping to pass their tax cut bill this week and give president trump a chance to sign the bill into law before christmas. the bill does this -- it lowers the corporate tax rate from 35% to 21%. it lowers the top individual rate from 39.6% to 37%, and as an added bonus to those at the top, it raises the income level where that rate kicks in. but the bill also nearly doubles the standard deductions for taxpayers who do not itemize, potentially a big help for lower and moderate-income households, and it doubles the child tax credit. also, there were a number of chang...

Standard sound bite before they even know what the bill is all about. >> there are still seven tax brackets under the new plan but rates are lower until 2025. the new top rate for top earners dropped from 39.6% to 37%. the child tax credit doubles to $2000 per child and the standard deduction nearly doubles as well to $12,000 for single filers which means that fewer people are expected to itemize their deductions. there is a new $10,000 tax on deductions for state and local taxes. the mortgage interest deduction will be capped at $750,000 and the obamacare fine for people who don't want to hav...

Cuts for working families and very large tax cuts for businesses to make them competitive. we have a broken business tax system. we had one of the highest rates in the world. we're coming down to a 21%, very competitive, and more importantly, we're going from a worldwide broken system to a u.s. jobcentric system that's going to bring trillions of dollars of cash back here to be invested here. >> one of the biggest changes from the house and senate proposals is that the final plan lowers the top tax rate of individuals from 39.6% to 37% and it raises the threshold at which the top rate kicks in...

>> let me take you through some of the top headlines ch first on the tax brackets, the number stays the same at seven as it is. and the lowest rate is at 10%, but check out the dif enss among the others. it lows the rate e ifs most of them. especially check out the top individual rate. that drops from 39.6% to now 37%. on the corporate tax rate, it drops from 35% to 21%. that's significantly, lightly higher than the 20% proposed in the house and senate bill and that would is start up in 2018. very significantly, the bill does include an elimination of the obamacare mandate penalty. that's sign...

Finish line. >> reporter: if you look at what happened with headquarter, there were no shortage of republicans who would tell me and criticize how the president handled that process. he called marco rubio today and senator rubio was going to come around. throughout the process, he's been helpful with senators like ron johnson. behind the scenes he's also asked for things that made things a little bit more on the individual side, dropping the individual rate at the top from 39.6% down to 37%, the president was instrumental in asking for that. frustrating some republicans here on capitol hill. i...