What is in Donald Trump's giant tax cutting bill?

Rob, I think you have a video on this.

If you want to play this clip, go forward.

All right, America, let's talk one big, beautiful bill.

We've heard you loud and clear.

With a bill this big and this beautiful,

it can be hard to understand exactly what's in it. So let's go through

some of the most important pieces of the bill. This bill modernizes and overhauls our nation's

air traffic control system so you feel safer when you are flying. It gives a 15% tax cut

to working families like yours amounting to $5,000 per year.

This bill increases the child tax credit for more than 40 million American families,

ends taxes on tips, cuts taxes for overtime workers like law enforcement officers,

slashes taxes on Social security for our seniors.

And that's just the start. We must pass this big beautiful bill and usher in a new golden age for all Americans.

Okay. So that's that. President Trump's $4.5 trillion tax bill passed by the Senate Tuesday with a tie-breaking vote by Vice President J.D. Vans, which extends the 2017 tax cuts and eliminates taxes on tips over time. But the CBO estimates that it will have $3.3 trillion to the national debt by 2034. With the committee for a reasonable federal budgeting budget projecting a 130% debt-to-GDP ratio,

the bill criticized for its regressive impact reduces after-tax incomes by 2.3% or $560 for the poorest,

20% while increasing incomes by 2.1% or $32,000 for the top 1%, Tom, what do you see in this

bill that just passed? So I see a couple things here, and I like to get past the numbers in the

headlines and get to what is really the numbers in the wallets? So they were saying, oh, it's going to,

you reduce after tax, it's going to buy $2.3% or $560 for the poorest. Wait a minute, wait a minute, wait a minute. $560 a year is $47 a month, $46 a month. Okay. So that's $10 a week. Okay. Well, a poor person, you know, $10 to $10, but it's not like you're taking $3,000 off of it, number one. Number two, the president is betting on growth and putting things in. So let me explain how this works. If you've ever been working for a business, it could be a small business or be a big business around November, Pat, you do this. You tell people to get together, hey, we need to do the budgets for next year, and it's not a wish list.

It's a fact-based analysis of what do you need in your department to do this, this, and this

so that we can meet our 15% growth.

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