It’s been a terrible week. Tuesday’s election of Donald Trump has already damaged the emotional wellbeing of our country and its citizens. He will do much worse in the long term.
Most immediately, many of us are feeling wrecked. I include myself in that group. I had envisioned taking my daughters to the inauguration of the first woman President, and assured them that a bully and an abuser would not be chosen by the American people. Not only will we not see the inauguration of the first woman President, but a bully and an abuser has been chosen by the American people. This is not the history I’d hoped my children would live through.
In the long term, it’s less clear what this means for us as a nation. There’s no way to predict the future, but if we want to see any kind of positive outcome we have to start organizing now. There are a lot of ways to participate. We can join protests, reach out to our neighbors. My weapon of choice, though, is to begin with the process of self-education. We can’t fight against powers we don’t understand. As a tax expert, I intend to help.
With the upcoming push for regressive tax legislation, it’s important to understand what’s being proposed and how it will affect us both as individuals and in the professional field in which we’ve invested our lives. Some of these changes may have a profound impact on both the high and low ends of the art market and non-profit sectors, so we need to be prepared.
Tax reform – specifically, supply-side theory-based tax cuts for the wealthy and for corporations – is the one thing that Trump and Congress currently agree on. Our House Speaker Paul Ryan is a self-proclaimed “tax wonk,” (and he has already announced his plan to privatize Medicare). Trump’s plan has shifted over the course of the election, and his campaign speeches contradict his proposed policies. He has suggested that he would let Ryan take over the detail. There’s some bad stuff coming.
The details will shift as the President-elect and Congress hammer out their differences, but for now, let me provide an outline, and my assessment:
