I haven't gotten very excited about the tax bill either way, believing that it fiddled in minor ways with individual tax brackets and generally pushed food around on the plate. On the other hand, I do favor the lowered corporate tax rate, because I believe there should be no corporate tax at all: I'd prefer to do the taxing at the individual level, where any money not ploughed back into the means of production will have to go eventually, in the form of salaries to workers or dividends to stockholders. AT+T already has announced a $1,000
bonus to its workers to celebrate the tax cut. See other similar corporate responses
here.
What's more, I think the cap on state and local tax (SALT) deductions will have a salutary effect on the most broken part of the current tax system, which is the failure of feedback mechanisms. As this
article makes clear, a principal effect of the SALT deduction cap is to move toward a system in which the people who vote for higher taxes will be the ones who actually have to pay them. Any system in which citizens can easily vote for other citizens to shoulder most of the tax burden is bound to spin out of control.
I'd rather see lower taxes and smaller government, but if there must be high taxes and large government for important and worthy tasks that can't be accomplished any other way, then let those who want it put their money where their mouth is.