The president promises a ‘middle class miracle’ with his new tax plan Video

Transcript for The president promises a ‘middle class miracle’ with his new tax plan

We turn now to president trump’s new tax plan, promising a middle class miracle. How much will middle class Americans see? And how much will wealthy Americans see? Here’s ABC’s chief white house correspondent Jonathan Karl. Reporter: The white house today claimed president trump’s tax plan could save the average American family up to $1,000 a year. If we allow a family to keep another 1,000 disease of their next, what does that mean? They can renovate their kitchen, they can buy a new car, they can take a family vacation. Reporter: But the details are still sketchy, and the president’s top economic adviser today couldn’t guarantee that every middle class family would benefit. I guarantee you — I’ll guarantee you, you can find someone in this country, maybe one person who their taxes may not go down. Reporter: On “Gma,” Cohn said the plan won’t save the wealthiest Americans anything at all. The wealthy are not getting a tax cut under our plan. Reporter: But that doesn’t appear to be true. For one, the plan eliminates the estate tax. Something that is only paid on estates valued at more than $5.5 million for individuals, $1 million for couples. The president says it’s about helping farmers and small business owners. The farmers, in particular, are affected. They have wonderful farms, but they can’t pay the tax, so they have to sell the farm. Reporter: But according to the tax policy center, a grand total of about 5,500 estates will be big enough to owe tax this year, and of those, only 80 are small farms or closely-held business. One family that would certainly benefit? The trumps, even though the president insists his plan won’t cut his own taxes. I’m doing the right thing and it’s not good for me. Believe me. Reporter: But today, Cohn Reporter: Democrats respect buying. They say, point blank, we’re not going to do a tax plan that’s going to benefit the wealthy. Again, when we see more, you’ll know more of the facts. Jon Karl with us live from the white house tonight. And Jon, we heard the president’s top economic adviser saying today that the average American family would save up to $1,000. But this plan also includes a pretty huge tax break for corporations. Reporter: Well, the white house believes that cutting the taxes on corporations will be a big boost to the economy. As it stands now, David, the United States has one of the highest corporate tax rates in the…

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