The part you're not taking into consideration is that all of this will be paid for with cuts to Social Security and Medicare for people not already receiving benefits. So if you're still in your wage-earning years, that $4k tax cut (which others have rightly pointed out only lasts 10 years) will cost you tens (if not hundreds) of thousands of dollars a year in retirement.

It's extremely short-sighted to look at just the near-term effects of this tax bill. But such is America where so few have adequate retirement planning. We're headed for another period similar to the one that led to the establishment of Social Security. The question is how people will react this time when they see so many retirees dying in poverty.