GREG IP:

Well, right now, first of all, they haven't put out a fully, you know, detailed document, so it's impossible to say for sure.

But we know that, right now, the business side is very much a winner. They see the corporate rate drop from 35 percent to 20 percent. They get to like write off the cost of all their new equipment right away, instead of taking several years to do it.

We move to a so-called territorial system, which means that instead of taxing them on their profits no matter where they earn it, we only tax them on their American profits.

On the individual side, it's a little harder to tell. There are some things that clearly are good for the middle class. For example, some of the tax rates are lowered. Instead of seven brackets, we have three. The standard deduction is doubled.

On the other hand, there's a few things that are negative in there. For example, some itemized reductions are reduced or eliminated altogether, for example, for state and local taxes.

And, finally, even though the president is framing this as a middle-class tax cut, there are provisions which clearly benefit the wealthiest the most, repeal of the estate tax and repeal of the Alternative Minimum Tax.