To take your first point, for example, there is a huge difference between the top 1% and the rest of the so-called upper middle class.
That is indeed shockingly true. Technically, the upper 20% of earners should be considered “rich”; but $115K (which is a top 20% salary) does not make you feel rich in the least, unless you’re in a rural small town. $115K in San Francisco? Not even close.
The former — many of whom are the “swamp creatures” Trump supposedly campaigned against — will profit immensely from this new tax law. The latter — including Frist Responders in high SALT states — will mostly suffer.
I suspect that this will turn out to be less true than people think. I did read another article by a NYC accountant who said it was not uncommon for his clients, some of whom do *not* consider themselves “rich” (see above) to be taking a 100K SALT deduction; and he had other clients who were taking far more. Add that to the fact that these people are almost all in excess of the cap on the mortgage deduction as well……….
I don’t see this as a huge windfall to the rich. I think the “windfall” is more statistical than real.
Further, I doubt if many first responders are in the group that itemizes.
But, as I did post to another commenter who was also pessimistic about the new law…….one of the things with tax reform in a huge, complex system such as ours is that nobody really knows whatthehell will happen.
It’s kind of like “the 10-year budget deficit will rise, according to our figures, 1.5 trillion — plus or minus 50%.” :-)