On the tax bill, what I see from economists who investigate it deeply is that they don't know whose taxes are changing nor to what rates, and they don't know what the distributional effects are. This is in spite of popular media and think tanks acting as if they do know.
The science we have to go on as of now is using models of the theories that include supply and demand, rational expectations, and the efficient market hypothesis, and interpreting the data through them. What this has told us so far is that the private sector probably thinks the tax bill will result in an increase in aggregate income.
Economists have done a poor job of communicating these two things. It is frustrating that popular publications and think tanks are not reliable sources of information regarding policy.
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