Today's wealthy and politically connected baby boomers cannot be bothered at all with this. They demand low taxes, stuffing the stock market with the bounty rather than starting or expanding businesses, and then charge the national credit card with all the costs of their unwillingness to contribute anything meaningful. Except maybe some halfway decent music - but that does not give them a pass for being greedy, stingy, hoarders.
At the moderate to low end of the pay scale, even 0% taxes fails to mitigate the wage stagnation problem. This really only gets fixed when the cost of hoarding becomes really fucking expensive. So expensive it's saner to take the risk on starting or growing a business, and the ensuing tax deductions that come with that (those are generally 100% tax deductible expenses by the way, with exceptions for gifts and entertainment).
Right now we don't have that. It's hoarding and credit charging time. And this bullshit tax cut proposal is even more of that.
But why, in the name of fairness, isn't the surplus shared with all the stakeholders?
We wouldn't be in this pickle to begin with if profit sharing was the norm. Like when I was kid.
It's somewhere in the vicinity of neo-feudalism + neo-aristocracy + prosperity theology. It's an abomination.
Our regressive tax policy is currently funneling economic growth to an ever smaller pool of people who simply don't need as many people to work for them (directly + indirectly). If the lower/middle class kept more of their paycheck they would spend more on services which would employ more people.
Further, the economic death spiral of fewer people with disposable income => reduced demand => fewer people with disposable income => ... can be avoided.
PS: Remember, we are fairly close to 'full' employment so it does not take much to shift the balance one way or another.