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>> everybody stand by. we've got some breaking news. i want to go live to capitol hill right now. we're just getting in the final details of the republican tax plan. our congressional correspondent phil mattingly is standing by. phil, what are you learning about this bill? >> reporter: well, wolf, this bill has just been filed in the house, more than 500 pages. bakely what everybody's been waiting now for weeks. here are the changing, the corporate currently at 35%, that will drop to 21%. on the individual side, there will still be seven brackets like there are in current law, i'm going to rea...

Throughs. they would go to 25%, so for the president, that would mean theoretically, he'd go from top bracket to 25%. that's a massive tax cut for him. why don't the american people have the right to know? how their president benefits or is impacted by this bill? >> the issue that got washed out as far as i'm concerned in the election and i don't get involved in the politics in my work at the office of management and budget, but i'm happy to speak to you about the impact of the pass throughs. under the proposal at least as the house laid out, this was the proposal that the house of representat...

>> juan: i saw the top bracket, if the senate to keep seven tax brackets, the house has four. >> jesse: they are not simplifying the tax code. >> juan: he went ballistic the other day when you were talking about the upper bracket. i said they went from 39 to 38%. >> jesse: oh, wow. >> dana: there's a good reason for this. not just that the democrats don't want to cut spending. it's that the president doesn't really want to either. where you can get spending reform would be on entitlements. the president was very adamant i'm not going to do it. mick mulvaney said he would try to convince the pr...

Code. he says the rich will not be gaining at all with this plan, and some things that are suggested might help the middle class. for one, he wants to double the standard deduction meaning more middle income americans koultd keep more of their paychecks. while most deductions are eliminated, he promised to keep it on mortgage interest and charitable donations. overall, it's clear the rich will benefit from this trump tax plan. first the top tax bracket will be reduced to 35%. what does that mean? the country's highest earners will make out well. republicans are saying they could add an additio...

Perhaps a top bracket that comes down. i don't know how many democrat, going to vote for this. certainly not very many. you did the right interview which is the folks are going to matter in this debate are the freed caucus in getting this done. >> joan? >> democrats will matter, because they'll probably sit it out. i was struck listening to him and listening to all of this for the last two days, chuck. it reminds me of the very beginnings of obamacare repeal where you would talk to different congress members and they would all have a different notion of what the bill or bills is going to do. >...