Congress is heading towards a vote this week on a bill that would be the biggest revamp to the nation’s tax code, in three decades.
The House is expected to vote Tuesday and the Senate shortly thereafter.
Republicans are confident they’ll have the votes and send the bill to the president’s desk, before Christmas.
President Trump is referring to it as the “biggest Christmas gift” for the American people.
“This is going to be one of the great gifts to the middle income people of this country that they have ever gotten for Christmas,” said President Trump.
So, who exactly will benefit from the GOP tax plan?
The bill slashes the corporate tax rate from 35 to 21% a win for big business for the wealthy, it lowers the top tax rate from 39 to 37% and for middle class Americans, the plan doubles the standard deduction, however, it caps combined state and local income and property tax deductions at $10,000.
Previous analysis of the senate plan found Americans earning seventy $5,000 or less would pay more in taxes within 10 years.
“This is a total betrayal of President Trump’s economic populist message on the campaign trail. It’s a huge giveaway to big corporations,” said Sen. Chris Van Hollen, (D) Maryland.
The package also eliminates the obamacare mandate requiring individuals purchase insurance. congressional analysis says that could lead to 13 million more uninsured.
Last week, two key holdouts, Senator Marco Rubio and Bob Corker announced, they would back the plan.
Republicans now believe, they will have the votes.
“I’m confident we’ll pass this bill, probably on Tuesday,” said Sen. John Cornyn, (R) Texas. “We were determined to get this job done.”
However, one key GOP senator won’t be on hand.
As he battles brain cancer, Senator John McCain, returned home to Arizona where he’ll undergo physical therapy and rehab at the Mayo Clinic.
“He’s going through a very tough time there’s no question about it but he will come back if we need his vote,” said President Trump.
Senator McCain’s office says, the senator looks forward to returning to D.C. in January.
As for the tax bill, the president hopes to sign the package by the end of the week.
The IRS says, Americans could see the changes in their paychecks early next year.