Compare this tax bill with Reagan's or Bush 2's bill. In the previous tax bills there were a lot of cuts and tricks to make it all work out (actually Reagan's Tax Bill was Bipartisan and that was back when it was thought "trickle down" might work).
BUT this tax bill was written only by Republicans and specifically hits Democratic voters. (And it was not because "Democrats wouldn't work with Republicans", the process was closed to begin with.) In particular:
- The deduction for pulling out state and local taxes has been removed. The tops users of this deduction are Democratic states (see below) (Only Iowa is a red state in this list).
One might reasonably say that blue states have only themselves to blame, but that isn't entirely true. Blue states tax themselves because the federal government takes from blue states and gives to red states (see chart below). Most of the "net contributors" - that is, we pay more in than we get out. So we have taxed ourselves to pay for missing federal help.
- If the mortgage rate interest is kept in, it will be capped at $500,000. The top 25 housing markets are all in blue states, and the average price in each is over $500,000. (link)
- It raises taxes on college students in general and grad students in particular. Which Republicans say are liberal interests.
I don't think that this type of law is good for the country. Raise or lower taxes on everyone. NEVER in our history has this been done - where taxes increases were targeted towards one party. It is bad for our country. (PS - This isn't me. We file jointly and will do fine to great under the new plan.)
I think California and other states might pass a law now that the outlays are equal to the percentages paid in when they are in power - and that will be ugly for the top of the list above.