This is CBS Eye on the World. Here's John Batchelor.

The big, beautiful bill signed into law by the President of the United States in these last days.

What's in it? I welcome Veronique de R Reggie of the Mercatus Center, George Mason University,

writing very carefully about this in where it comes from, where it's going, and what is to be done.

We begin with the Tax Cuts and Jobs Act of 2017, which I understand is the foundation for the big, beautiful bill.

The good things first, because there are some positives here that might not have happened ever,

if not for President Trump and the Republican bare majority in the House of Representatives

and the quarrelsome but eventually helpful Senate,

Republican Senate.

Veronique, a very good evening to you.

The concern was, as I understand over years of your reporting to me, that the tax cut in

Jobs Act of 2017 was temporary and therefore Congress had to do nothing, and it would

have gone away, and that would have been either the largest tax increase in history or one of

them. Do I say that all correctly? Good evening to you. Good evening, John. Yes, you're saying

this correctly. With one little amendment that the Tax

Cut and Jobs Act of 2017 made permanent the reduction of the corporate income tax. And that was very

important. It went from 35% to 21%. That was permanent. That was that was said and done.

And that was not in question. And that was the most pro-growth part of that tax reform in 2017.

Everything else was mostly, I think it was mostly everything else was temporary.

And so what this does is that it makes the part that was temporary, most of it permanent. I want to go through what is now permanent

that was temporary. The double standard deduction. What is that? What was that? Well, that was a,

that was a deduction that everyone takes, and it's effect, and so it's basically, think about it as a,

...