It appears that what will most likely come out of conference will be a bill that will benefit middle income earners who have children, corporations and stock holders. There most likely will be a somewhat minimal residual wealth effect because of the bill that will trickle into the economy, but nothing out-of-this-world.
Some high taxed states will see some people be slightly worse off but in regards to the effects on the overall economy, over the next decade it will be a net positive. In regards to the deficit, it does appear that it will be add a decent little bit, so all-in-all, I believe this tax bill isn't much to write home about. But it certainly isn't the big panic-hysteria burger that liberals are making it out to be.