Several weeks ago, I submitted a new W-4 for my monthly retirement pay with adjustments for the new senior tax deductions under Trump’s OBBBA. Yesterday, I received my first check with the extra money. I am also looking forward to a larger tax refund this year, thanks to the $1200 senior deduction for a married couple and the allowed charitable contribution deduction, even if claiming the standard deduction. It feels good to have more money in my pocket now, but tomorrow will be a different story. The new tax policies are expected to reduce federal tax revenue by $4.5 trillion, with no offsetting spending cuts, and to add roughly $5 trillion to the national debt over ten years. Louis XV of France said, "Après moi, le déluge" (After me the deluge), implying a willingness to live lavishly with little concern for the future. When will we learn that what seems good for us can be a curse for our children and our children’s children?
Bruce McClay
Battle Ground
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