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I keep hearing shoe manachumer for the wealthy. >> in fact the president says it's going to cost him a fortune. is that really true? looking into his claim. what did you find? >> brooke, president trump says the tax bill will cost him a fortune but keeping tax returns secret so impossible to know how the plan effects him. but key elements help the president, help his family, and his businesses. like tax cuts for pass throughs. trump owns pass throughs. for someone like president trump that means the top rate of 39.6%, house lowers that to 25%, the senate bill lowers the tax rate. either way, b...

. president trump has insisted that his tax plan will personally cost him a fortune but he hasn't released his tax returns so that's impossible to know if that's true. >> from what we can tell in the house and senate bills, our chief correspondent christine romans is here. should we take out a collection for the president if these tax bills pass? >> absolutely not. it tick through four proposals that really affect him here. some of these will be good for the president's finances like tax cuts for pass-through enterprises. trump owns hundreds of pass-through businesses. the profits are passed...

You have to find the offsets. the more challenging part right now, figuring out what offsets can we bring to the table that will enable us to finish the job and do the things we want to do. in the end, this is a good product that is consistent with the objectives and the goals that we laid out at the beginning of the process. frankly right now, it is. it's just really closing out those final details on policy and then of course just as importantly figuring out how we're going to pay for them. the. >> the deduction on state and local taxes is something that you've agreed to move with the $10,00...

To. not just when they're working through business but for their own and i think 39.6 current rate is too high. people know that, especially if you're in a state like this one what's more like 50 with all the taxes are in if you live in new york city. so think you're going to see sam move there to make sure that everybody has got a rate cut. everybody's got an incentive to work, save, and invest. >> melissa: that's it, to work, to say, to invest. as a result, the economy grows. they end up collecting more revenue than they did before because you're making more money see her paying more tax. ho...

The deficit is going to go up likely over the near term because this plan is causing 1 and a half trillion dollars. from the committee on responsible budget they say could ultimately cause $2 trillion. so you are looking for different areas to take money from to pay for this. i'm scratching my head and wondering why carried interest was not touched. i understand there's not a lot of money but why do so carried interest deduction in the air which allows some managers, hedge fund managers, private executives to claim a 20 percent tax rate when in fact, some people say that should go to the high ...