The tax bill lowers taxes for almost all taxpayers. The vagaries of law make it impossible to make it permanent, but I can assure you that if the democrats are in power I eight years then the tax rates will probably go way up.
One group that sees a tax increase are the very high wage earners, your 1%. I make about $200k/yr and I’ve run my numbers with the new tax rates. I save about $2000, even though I have fewer deductions.
On the business side, lower corporate taxes and large equipment expensing will be a huge boon to…the middle class working people. This is the same model that Kennedy used to get us out of the Eisenhower recession and that Reagan used to get us out of the Carter recession ( which BTW, was the worst recession in the past 50 years). Only politically agenda driven economists dispute the benefit that will be had by the working class by this tax bill.
Like I’ve told you before, business owners would be very shortsighted to use the tax cuts for anything other than business expansion. Who is going to benefit from business expansion? Workers, workers building the equipment to expand the businesses, and yes, the business owners, investors and middle class workers who have 401k’s. THAT is how business works in this country. Also, during the Kennedy and Reagan booms even though tax rates went down, total tax revenue increased.
Repatriation of business funds will work in the same way. It will enhance business expansion and have the same result of helping primarily the working class.
The government spends money (resources) very inefficiently. Giving a tax break to the real job creators is what will make or economy hum again.