Thursday, House Republicans unveiled the first draft of the tax bill which outlines big tax cuts as well as the nixing of some certain popular deductions.

Some notable points include a restructuring of the tax brackets from seven to four, cutting the corporate tax rate from 35 to 20 percent, a full repeal of the estate tax as of 2024 and no changes to the limits of 401(k) contributions.

We dive into what’s in the plan, and debate the proposal with three guests across the political spectrum.

What would this proposed tax overhaul mean for the American economy? Does the bill have a chance of passing? And what’s likely to be changed in upcoming drafts as negotiations take place?

Guests:

Anna Edgerton, Congressional reporter at Bloomberg; she tweets

Chris Edwards, an economist and director of tax policy at the Cato Institute; he is also editor of DownsizingGovernment.org, a Cato project that focuses on federal spending

Alexandra Thornton, senior director of tax policy  at the Center for American Progress, a left leaning research think tank

Scott A. Hodge, president of the Tax Foundation, a Washington D.C.-based tax policy think tank