Trump celebrates after the Senate passes a tax bill Video

Transcript for Trump celebrates after the Senate passes a tax bill

Moving on now to the president celebrating as his tax bill cleared a major hurdle. The senate passing that $1.5 trillion tax overhaul. The vote came just before 2:00 A.M. The ink was barely dried. Democrats are outraged and Republicans say they are being ridiculous. But what does it all mean for your money? ABC’s Gloria Riviera takes a look at the fine print. Reporter: With the Russia investigation hanging over his head, president trump took a victory lap after his tax bill passed in the dead of night. So last night at about 3:00 in the morning, I got a call. I said, call me, you can call me. It’s the largest tax decrease in the history of our country by far. Reporter: After last minute frantic negotiations the 497-page draft finally made it into lawmakers’ hands, mere hours before the vote. They’re sending around their edits as we speak. Reporter: Democrats outraged at what they say was chaos, hard to read, handwritten edits, entire sections slashed and no time to actually review it. Can you tell me what that word is? Reporter: The largest changes to the U.S. Tax code in 30 years passing the senate just before 2:00 A.M. The tax cuts and jobs act as amended is passed. Reporter: Late today majority leader Mitch Mcconnell responding to the criticisms of the late night chaos. The swan song last night in the middle of the night that somehow they hadn’t had a chance to read it, was ridiculous. Reporter: Protesters on wall Street marching against the bill which slashes corporate tax rate and eliminates the Obamacare mandate. Tonight, the newest challenge, the house and senate must work out the differences in their two bills. The house caps mortgage interest tax deductions at $500,000. The senate at $1 million. The house increases the child tax credit for tax-paying families to $1,600. The senate takes that to $2,000. Both require social security numbers from parents, excluding undocumented immigrants. Both the house and senate cut corporate and individual taxes, but in the senate those individual cuts expire in 2025. And Gloria joins us live from capitol hill. Gloria, this passed by a razor thin margin in the senate, but the big question tonight, you know, what are the odds of this making it all the way to the president’s desk? Reporter: Cecilia, lawmakers in both the senate and house say the odds are good, but the house did you does not have a lot of room to work with here. Any big…

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