Expecting a Tax Cut Next Year? Spend It on Others<br />If you agree and are lucky enough not to need your tax winnings for yourself, perhaps you can find a way to support a cause<br />that helps people who have been left behind by the improving American economy for whatever reason.<br />If you believe the Republican theory that these tax cuts will stoke more economic growth, you can<br />help make it so by spending any extra money in a way that directly improves the American economy.<br />If you don’t employ anyone at the moment, hiring occasional part-time help to buy back your own time may contribute to<br />greater personal happiness, as a recent study showed, in addition to putting more money in someone else’s pocket.<br />Before you consider which charities you might want to give your newfound tax winnings, you’ll probably think about a tax change<br />that could affect philanthropy directly: the increase in the standard deduction.<br />The more comfortable among us, however, ought to consider a less obvious course of action: Give the money back.<br />Please note, however, that if you want to use the money to try to run your least favorite politician out of office,<br />your campaign contributions are not tax deductible even if you are still able to itemize your charitable donations<br />Their executives work for shareholders after all, so the default reflex may well be to use winnings from the new, lower<br />corporate tax rates to buy back shares or do other things that will lift stock prices directly and immediately.
