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Reconciling the top-line differences between their two bills. smaller details remain to be worked out within the gop, leading to a hoped-for vote before the holiday recess. >> democrats are calling on gop leaders to slow the process until newly elected alabama senator doug jones can be sworn in. more on that in a moment, but for the latest on the emerging shape of the tax plan, a tax reform that will reach all corners of the economy, we go to phil mattingly on capitol hill. >> reporter: christine and ryan, you can name them -- it's the president, the senate majority leader, the speaker. republ...

Had big cuts, lowered the rates, compressed the structure and clinton raised the individual rates to 39.6%. george w. bush cut them again and barack obama restored the top corporate rate and added some other wrinkles in the tax code that mean an awful lot of people including one college professor, at that level along with the estate tax discouraging mature americans from working more. in my situation i pay more than 50% of marginal income in taxes. a lot of that money gets baked for my retirement and if i die before 85 it goes to my children, why work? with personal tax rates that are so high ...

Mcmulvaney joins us now with more. so an exciting time. is this thing done, director mulvaney. >> it's not over until it's over. but it's really, really close. we hear good things last night and this morning off of the hill. what will happen we think now is it should be reported out today. you give both the house and the senate a chance to vote on monday and tuesday of next week, and that's when it would be over. but it sounds like they made a great deal of progress in the last 24 to 48 hours, and we're very close to a deal. ainsley: people want to know what's in. what's out. 37% of the top in...

>> that was the demand from democrats today after doug jones' historic win in alabama. protesters chanted no jones, no vote, inside the hart senate office building after an agreement of principle on compromising, merging the house and senate tax cut bills into a final bill that they hope to pass next week. this new bill which is something of a compromise between the two other bills cuts the top personal income tax rate from 39.6% to 37%. it cuts the corporate income tax rate to 21% instead of the 20% that was in both the house and senate bills. it limits the state and local tax deductibility t...

There are also other things in that bill that are somewhat unrelated. but ultimately i think it's all related. >> let's take a quick look at what's happened between the house and the senate. let's take a quick look at the final version. we don't really have a final version because it hasn't been released and as a result it hasn't been studied, but here are the details we know so far. for individuals, the tax rate -- the top tax rate 39.6% will be reduced to 37%. so this is for people who are the highest earners. this is the marginal tax rate on the top dollar you earn. you will be able to dedu...