As already seen, many of President Elect Trump’s campaign promises are gone with the wind, and happily so. But the one most likely, almost certainly, to happen is his promise to give you a tax cut. Not of the magnitude promised, since even when optimistically adjusted for the voodoo inspired trickle-down effect, Trump’s would add $6 trillion to the national debt over 10 years. Instead, we likely will get a tax cut conforming to the House Republicans’ plan, resulting in three brackets of 12%, 25% and 33% to replace the current seven, the highest being 39.6% for taxable income above $418,400 – if one is so fortunate. Most of us will experience rate reductions from 33% or 28% to 25% or from 25% or 15% to 12% on the bulk of their income. I am mindful that there are low income people who won’t see any, or hardly any, tax break at all. However, the rest of us and especially those currently paying that top rate of almost 40% are going to see a substantial spike in those bi-weekly pay stubs. Obviously, some of that must go to replacement of Mesozoic Era iPhones 6 with 7s or 8s. However, we will be better served if most or at least half is used for causes and organizations we champion. They may well be in for hard times and/or have even greater responsibilities in the next four years. I will not name those on my lefty and legal-centric list. Each has their own favorites.
Those old enough may recall that day in 2001 when you received the first installment of the Bush 43 tax cut special. Mine amounted to a little more than $400 bi-weekly. Though my first reaction was nausea, I did not do what I should have – segregated and sent it where it might be used meaningfully and avoided clogging my shelves with more redundant stuff. This time to paraphrase Pete Townsend, I won’t be a fool again. I’ll take half, at least, and do the right and smart thing. And I urge others to as well – half on top of all that you already give.
When the first hit of the Trump tax break is imminent, Hopelessly Liberal will repost this call to arms supplemented with the actual numbers and a form to print out and pass along to friends urging them to follow suit and donate an incremental half – just half and they still can get that new iPhone.