and chris thornburg, the director of the center for economic forecasting at uc riverside. welcome to you both. chris, as an economist, what do you think the impact will be of these tax plans? >> there's two sides of the impacts. there's the distributional side and the overarching impact. in terms of the overresearchiar impact, what you have is a bill that's cutting taxes more than it's cutting deductions. so on net, it's broadly stim lative. we're not in a downturn. we're in a fully employable economy. it will heat up the economy a tiny bit but probably force the fed to raise rates. the distributional side is a little different. of course most of the cuts occurring are for capital owners. so this is going to broadly benefit the top 1%, people who own a massive amount of equity within our economy. and of course in turn, they're raising taxes on what i would call the upper middle class people who itemize deductions, things like your interest or your local taxes. these families will end up paying a little bit more, and everybody else is going to get a few hundred bucks because