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Trump touts GOP tax plan before departing for Camp David

Trump touts tax reform
Trump touts tax reform ahead of vote 02:44

President Trump on Saturday touted how "fantastic" the GOP tax bill will be for "middle-income people" ahead of anticipated votes in the House and Senate next week. "Everybody's going to benefit," Mr. Trump told reporters on the White House South Lawn, before heading to Camp David for the weekend.

House and Senate negotiators released the final text of their legislation Friday, after working out the differences between the House and Senate-passed versions of the tax bill. The legislation includes seven individual tax brackets, eliminates the Affordable Care Act's individual mandate penalty, and preserves the tax-free status of graduate tuition waivers, among other things. 

The House is expected to vote on the bill Tuesday, and the Senate after that. 

Pressed as to why the individual tax cuts will be temporary rather than permanent (the tax cuts for corporations and other businesses are permanent), Mr. Trump said the hope is that whatever administration is in power when they expire in roughly a decade will extend them. 

The hope, Mr. Trump said, is that a future administration will "make it and maybe can make it even more generous."

What's inside the final Republican tax bill? 04:19

The president said the bill will mean $4 trillion poured back into the economy from overseas, saying the legislation will drive companies back to the U.S.

"This is money that's been stuck there for years and it's going to come pouring back into the country," Mr. Trump said. 

Mr. Trump said he hopes the tax legislation will make the economy grow by 4 percent then 5 percent annually "and maybe even 6 percent ultimately." 

The president did not answer a shouted question about the health of Sen. John McCain, who is hospitalized because of cancer treatments. Two White House officials confirmed to CBS News that the president called McCain on Friday. 

Republicans made progress on having enough votes for the bill on Friday, when Sen. Marco Rubio, R-Florida, and Sen. Bob Corker, R-Tennessee, announced they will vote for the final legislation.

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