Subtitles section Play video Print subtitles The House and Senate tax goes differ on some major points. What does that mean for you? Chief Business Correspondent, Christine Romans, is here to fill us in. - What do you see, Christine? - Good morning, well, look. What Congress decides will be felt by tax payers in every corner of the economy. A lot depends on the fate of the Obamacare mandate, and there are other wrinkles to get through here. The first and foremost, the House has four income tax brackets. one, two, three, four. The Senate has 7, and lowers most rates including that rate for the top. The Senate keeps some popular tax breaks that the house kills. We're talking about mortgage interest deduction, medical expenses, and student loans. Grad students have been really worried here about their tax bill. They fair better under the Senate plan than the House. Big permanent corporate tax cuts are the cornerstone of both of these versions. Make no mistake, with no guarantee it will add to jobs or raise wages. Let's zero in on the Senate bills. A score from Congress itself finds winners and losers in every tax bracket, and the losers grow over time. For example, for Americans making the median income, 81% get a tax cut in 2019, but, by the year 2027, only 14% still have a tax cut. And a fourth, a fourth of the middle income tax payers will pay more. The biggest tax cuts go to the top earners. Other tax goodies for the top: Repealing the AMT. The estate tax, also repealing that. Preserving the carried interest deduction, that's mainly used by hedge fund and private equity managers and real estate developers. So, Chris, the criticism from Democrats, and frankly from many economists about this, this is definitely corporate tax reform, corporate tax cuts, less so on the individual side unless you were rich. But it's being sold as the best deal for the middle class that they've gotten in for the long time. - Christine Romans, thank you for keeping us up the facts. - You're welcome.