I'm looking forward to the extra check, reduced capital gains rates, adjusted tax brackets, elimination of the marriage penalty, and the increase of section 179 write-offs, but I don't think the tax cut will motivate the economy. Tax cuts seem to be nothing more attempts to garner political capital. The extra $400-600 will be spent by most people, not saved or invested. However, based on the current economy, most people will have to use it to buy food, make the house payment or reduce consumer debt. I will most likely put our child credit check in my IRA to max out the contribution for a reduced AGI next year.
This article gives some various scenarios for the cut.
I also agree with several other posters regarding the fact that reducing gov't revenues in times where many state and federal programs are already strapped or are being discontinued altogether, is like cutting off our nose to spite our face. We need to be smart and streamline the government. Not cut medical aid for the elderly and cut the school year. I'm from Oregon, so we're the example of how NOT to run a government.
Anyway, I need to look at this some more, but this is an interesting conversation.