The tax bill has gone to Trump to be signed.  It will go into effect immediately. People still don’t know what it’s going to do. Expect chaos.

I still think that the single biggest fly in the GOP ointment is health insurance. Republicans are promising that people will see bigger paychecks starting immediately, but from what I’ve read increases in health insurance premiums will more than wipe out the difference. Nobody seems to be talking about that.

The tax cuts are unpopular, partly because people have gotten the message they’re skewed to benefit the rich. But I think it’s also the case that we’ve all been sold the same snake oil a few too many times already. Reagan’s tax cuts actually triggered a recession, and of course his administration ended with the 1987 stock market crash. Bush’s tax cuts were supposed to do glorious things, but the economy was mostly stagnant and then tanked big time in 2008. I don’t think most people believe in the snake oil any more.