Income inequality, or if you prefer its workaday aphorism—the rich get richer and the poor get poorer—long has been a simmering topic in the cauldron of American politics. Thanks to our newly reformed tax code the lid is about to be blown clear off the pot. Donald Trump’s jack-booted march to the White House was in large measure fueled by white middle and lower class discontent with wage stagnation. All the while corporate profits soared and those at the economy’s upper edge saw their slice of the economic pie fatten in the wake of the 2008 financial collapse and ensuing recovery. It’s no secret this recovery had a disproportionate impact on those at the top than those at the bottom.
Enter the Republicans. Fresh off their embarrassing Obamacare repeal debacle, Republicans have finally scratched a bugaboo off their hit list. Tax reform. Hastily assembled and heavy-handed, the Tax Cuts and Jobs Act (TCJA) now stretches from sea to shining sea. While not much is known about the tax code equivalent of mystery meat, just enough detail has been allowed to slip that one may draw at least a few tidy conclusions. Since I’m currently enthralled with policies influencing the haves and have nots, I feel it’s a subject worthy of exploring in a bit more depth. More