The Federal Reserve Bank of New York surveyed heads of households about the new tax law. It found that about 37 percent expect their financial situation will improve over the next 12 months as a result of the tax overhaul while 16 percent expect they’ll be worse off — and nearly half said their situation would stay about the same. The survey respondents were more likely to say that other households would benefit from the tax cuts over the coming year. In a post published this week diving into the survey results, New York Fed economists note that “even though more respondents expect a reduction in taxes, we observe a relatively modest increase in average expected spending due to the tax reform.”
