Many questions surround Trump’s promise of the biggest tax cut in history Video

Transcript for Many questions surround Trump’s promise of the biggest tax cut in history

Good evening and it’s great to have you with us here on Thursday night and we begin with president trump and the promise of the biggest tax cut in American history. Our reporter asking the president how he would pay for it. It comes 24 hours after the plan was released. Some on capitol hill asking, what about the deficit. ABC’s senior white house correspondent Cecilia Vega leading us off. Reporter: In the rose garden today, president trump, making a surprise appearance for take your child to work day. And as he signed autographs, ABC news asking the president how he will turn his tax plan into reality, amid estimates its massive tax cuts could balloon the deficit by trillions of dollars. Anything about paying for the tax plan? Growth, wait till you see the growth. The growth is going to pay for it. And how soon is at that growth going to happen? It will happen quickly. Reporter: The president says he will provide more details on the plan “Very soon.” That single-page, double-spaced outline revealed yesterday about 200 words long is short on specifics. On “Gma,” the treasury secretary, pressed repeatedly for answers. Can you guarantee that no one in the middle class is going to pay more? That’s our objective, absolutely. Is it a guarantee? I can’t make any guarantees until this thing is done, and is on the president’s desk. But I can tell you, that’s our number one objective in this. Reporter: No firm promise there, so we asked again at the white house. Why is it that secretary mnuchin today could not guarantee that no one in the middle class will pay more under this proposal? I think everyone in the middle class should know that this president’s plan is going to make sure that they have more in their pocket. So there is a guarantee from the white house that’s the position of the white house right now that middle class Americans should not worry. The position of the white house is that the goal of this thing, of this president’s tax plan, is to provide them and lower income people with more money in their pocket and a tax credit, yes. Reporter: Press secretary Sean spicer conceding there’s a long way to go before this blueprint becomes reality. We’ve got a lot of work to do with congress and I think it’s moving in a very positive direction. Reporter: The plan would reduce the number of personal income tax brackets from seven to just three, slash the corporate tax rate by more than half, and eliminate all deductions except for home mortgage interest and charitable contributions. That means deductions for state and local income taxes will no longer exist, a potential blow to many Americans in high-income, high-tax states, including several east coast blue states and California. Today even some Republicans raising concern. Do you feel like this could hit your district harder? Oh, sure. I mean, obviously when you talk about losing a deduction like that,…

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