The Republican tax bill (December 2017) will give most of the tax cuts to the wealthy. I fear that the wealthy will invest a large part of their extra income into investment vehicles like the stock market – with the result that the stock market, and other such vehicles, will rise to unprecedented levels – but I am quite sure that that the rise will be a bubble. I do not think the stock market, or other vehicles, will be able to absorb the extra money into new business – which the Republicans are claiming will be the effect of the cut. To grow the economy, I think we need to grow demand – from the bottom up, not the top down. We shall see, since the bill is likely to pass.