Consider a middle class family in New Jersey where state taxes (income and property taxes) are high and homes are expensive. A family with kids will lose the exemptions and it is very possible that they previously itemized getting as much or close to the new standard deduction. At this point there is too much undefined, but it already seems that many people who most would consider middle class will pay more.
Here is one attempt to analyze some major impacts
https://www.nbcnews.com/politics/donald-trump/tax-plan-impact-mystery-middle-class-not-trump-n805331
What is clear is who the biggest beneficiaries are - Paul Krugman linked to an analysis that estimates that a full 30 percent of the gains will go to the top .1%; 50% will go to the top 1%.
Link to tweet
With absolutely no other information, it seems very likely that this will either explode the deficit -- and they will be back demanding all social welfare programs be cut because of the deficit OR in aggregate, the bottom 99% will be paying more.
Just what we needed - a tax plan to increase income inequality! (I hope
is not needed, but added just in case.)
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