The House is expected to vote on the so-called Tax Cuts and Jobs Act on Tuesday, with a Senate vote to follow later in the week.
The sweeping legislation keeps seven tax brackets, but reduces rates for five of them. The new rates start at 10 percent and rise to 12, 22, 24, 32, 35 and 37 percent. The corporate tax rate is reduced from 35 percent to 21 percent, and the bill provides tax deductions to other businesses, lowering their top effective tax rate to about 30 percent instead of 39.6 percent.
"We're going to deliver historic tax reforms and it's going to happen before Christmas," Trump said on "Fox & Friends" Monday morning. "It's going to be the fulfillment of an enormous campaign promise, and something that's just tremendously important for the American people."
"Small businesses will have the lowest taxes since 1931" ... Ivanka Trump discusses impact of tax reform pic.twitter.com/NVuVBmeiU5
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She said people want a simplified tax code, lower corporate taxes, increased per-child tax credits for families and more favorable rates for the middle class and small businesses.
"Since day one, the president said he wanted to deliver middle income tax relief - targeted middle income tax relief - and he also wanted to cut corporate rates to enable our businesses to be competitive and to thrive in a global economy," Trump said. "And this bill does exactly those things."
The president's oldest daughter, who now serves as a special adviser, said small businesses will see taxes go down to their lowest point since 1931.
She said she's hopeful that this "enormous and historic win for the American people" will help create cohesion within the Republican Party and with Democrats in Congress, so that the administration can enter 2018 with tremendous momentum.
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