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President Trump spoke Wednesday afternoon on tax reform, saying a final bill from the House and Senate is getting closer and he is hopeful that he will be able to sign the legislation before Christmas. 

He said if that happens, Americans will start to see the benefits within a few months. 

"If Congress sends me a bill before Christmas, the IRS - this is breaking news - has just confirmed that Americans will see lower taxes and bigger paychecks beginning in February," the president declared at the White House.

Trump noted that 55 years ago this week, "President John F. Kennedy – a Democrat – launched a historic effort to pass sweeping, top-to-bottom tax cuts."

"A half-century later, we are reminded that lowering taxes is neither a Republican or Democrat idea – but an American principle," he said.

He then said that the bill has "very little" support from Democrats, adding the opposition is "purely for political reasons."

"They like it a lot, but they can't say it," said Trump, adding that he hopes Democrats and Republicans can start to work on a bipartisan basis "soon."

Earlier today, Trump said he's happy with a proposed 21 percent corporate tax rate, which would be down from 35 percent. 

Watch the remarks above.

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