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Editor's Note: Below is a brief excerpt from today's Early Look written by U.S. Macro analyst Christian Drake. Click here to learn more about the Early Look. 

The Winners & Losers of GOP's Tax Reform - CoD 3

If you’re going to prioritize corporate tax relief while successfully painting the individual tax code with a populist brush, the base question becomes a relatively simple one: 

What is the source pool of funds for redistribution?  …or, more colloquially, who can we take money from? The answer, in large part, is upper middle income earners – particularly in SALT states.  Not necessarily the top 5% or 1%, but the rest of the top quintile. SALT deductions for CA, NY, and NJ alone totaled $220B in the latest data. 

The Winners & Losers of GOP's Tax Reform - Email graphic   Cyber Monday 2