What's Going on with Trump's Tax Reform? The Final Push for Thursday Rollout

It could be the first major overhaul of the US tax code in three decades, but it's a little delayed right now.

House Republicans are working overtime this week to finalize details of the tax legislation President Trump wants to sign before Christmas.

They had planned a public rollout of the bill today but have pushed it back to Thursday.  

The critical task right now is easing the objections of groups of rank-and-file Republican lawmakers whose votes are desperately needed.

Rep. Kevin Brady, R-Texas, is chairman of the tax-writing House Ways and Means committee and announced the delay Tuesday night.  

"A lot of work remains with the drafters. They are continuing to work through the night," he said. "We are moving forward."

Republicans are driven to see the $6 trillion tax overhaul plan succeed after their failed attempt to repeal Obamacare. They also see its passage as imperative to holding on to majorities in the House and Senate in next year's midterm elections.

Some key details have already been established. They include cutting the corporate tax rate to 20 percent and maintaining the top personal income tax rate for the wealthy at 39.6 percent, which is a reversal of original plans to cut that top personal tax rate.  

Meanwhile, the battle over contributions to 401(k) retirement accounts continues. GOP leaders had floated changes to the tax benefits of the accounts, but the financial industry and some Republican lawmakers have resisted.

The president heads to Asia on Friday for a 12-day trip but is determined to keep the momentum on the tax bill moving forward. He has asked Treasury Secretary Steven Mnuchin, White House economic advisor Gary Cohn and Ivanka Trump, his daughter and advisor, to stay behind to help sell the plan.