The U.S. Senate and House of Representatives have both approved changing the tax code. The Tax Cuts and Jobs Act now awaits President Trump's signature to take effect. The biggest change is the corporate income tax rate is reduced from (mostly) 35% to 21%. Personal income tax rates are modestly reduced for most people.
Chuck Schumer, Nancy Pelosi, and Bernie Sanders have attacked the Act as a give-away to the rich that won't benefit the middle class. Of course, they are demagogues, as usual. For example, AT&T and Comcast have said they will pay $1,000 bonuses to most of their employees after it becomes law. Fifth Third Bancorp said it will also hand out employee bonuses and raise the minimum wage, while Wells Fargo announced it is raising its minimum wage. Link.
The Federalist has quite a different opinion -- 4 Of The Biggest Myths About The Tax Cuts And Jobs Act.
In addition the demagogues ignore the many middle-class people who own stock in those rich corporations and share buybacks typically increase the value of a stock.
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