President Donald Trump says members of the House and Senate have reached a deal on the final tax reform bill. He made the statements during a White House luncheon on Wednesday. Trump said "We are close to a legislative victory, the likes of which this country has never seen."
"This is one of the biggest pieces of legislation ever signed by this country and we are very, very excited about it," Trump said during a White House luncheon for members of the House and Senate on Wednesday.
Trump said the tax cuts will benefit working families and is "vital to the American people". He said a typical family 4 earning $75,000 annually will have an extra $2,000 in their pockets.
Additionally, homeowners will be able to deduct interest on the first $750,000 of a new mortgage. The old limit was $1 million.
The final vote on the tax reform bill is next week and the changes will take affect in January 2018.
Tax reform is unpopular with the Democrats who say the tax cuts will only benefit businesses and the wealthy.
"It's a massive tax cut for the middle-class and it's about jobs," said Trump on Wednesday.
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