As expected, the Trump tax cuts produced a significant windfall in our house. As also expected, the Trump Administration’s manipulation of withholding rules, designed to create an inflated sense of the tax cut’s impact ahead of the midterms, created a jaw-dropping annual tax bill for us. Nevertheless, our overall liability was much less than it would have been under the previous structure. So while, we had to make a payment to the IRS, our tax burden dropped significantly, enough to contribute to an annual deficit projected to top $1tr.
It’s easy to feel helpless right now. We decided to give away our tax windfall to people and causes blunting the damage caused by this administration. It felt good, and I highly recommend it.
We also shared this fact, along with the list of causes, on Facebook. Why? For starters, it’s one more way to make clear where we stand and what we believe in. But there’s more to it than that.
Things are certain to get a lot worse before they get better. No help is coming. Part of preparing for a fight is building up networks and organizations capable of leveraging power toward our common interests. We have a little time left to strengthen networks that promote and protect our values. We do that we when volunteer and vote. We also do it with our spending choices and donations. People are looking for ideas, searching for ways they can prepare for the fight. This is one of those ways.
Here’s where the first round of our donations went. It’s a mix of causes and organizations impacted by this administration’s attacks on our shared humanity. Some, like Planned Parenthood, are national. The Islamic Foundation and DuPage PADS do their work here in my community. Special thanks to Sara Robinson and Jemar Tisby for their help identifying organizations.
The Young Center for Immigrant Children’s Rights
The Islamic Foundation Interfaith & Outreach Committee
The University of Mississippi’s Conference on Making and Unmaking Mass Incarceration
Nice thing to do Chris. As a single senior filer for the first time in 53 years, I owed more under the new tax brackets. One thing that has always irritated me is the double taxation on social security.
I contribute to three on your list and count my subscriptions to the NYT, WaPo, and several magazines as a contribution to keeping a free press viable. I can’t imagine where we would be today under current circumstances without our media.
Happy this tax cut benefits someone I like.
Great causes, and great idea. I just finished my taxes but haven’t compared to last year.
But don’t feel bad about contributing to the deficit. It won’t burden our children and grandchildren. The biggest effect, and it won’t be big, is likely to be moving some high end asset prices.