Our congressional delegates’ Guest Opinion on April 17 praised the Tax Cuts and Jobs Act. They touted increased stock valuation as benefiting retirement savings. However, stock indexes decreased between the law’s signing and their Guest Opinion. Stock volatility increased, but volatility hurts retirement. And stock indexes nearly doubled over the prior five-year period, so if stocks judge the act, then it’s actually a detriment to retirement savings.
The delegates lauded the act’s expansion of the child credit, while ignoring adverse effects on families with elderly/disabled adults. Elimination of personal exemptions costs many or most of these families more than $1,000 per elderly/disabled person and the temporary $500 credit doesn’t fully replace the exemptions. They state that eliminating personal exemptions will simplify taxes, but in reality claiming personal exemptions was not complicated and certainly not “overwhelming,” as they suggested.
In the past, our delegates bemoaned the national debt and deficit spending, but their unbridled support of the act, despite its detrimental effects on both, suggests these issues no longer interest them. It would be good if the delegates Idahoans select to represent us were more consistent and had a better grasp of the real effects of the acts they help pass.
Lynn Anderson, Boise