Seventy-five million Americans were born between 1946 and 1964. This baby boom generation is now between 22 and 40 years old.
Contrary to the image of the yuppies, the boomers are worse off economically than were their parents at the same age. Young families today are less able to buy a home, to afford a full-time parent in the home or to pay for college education for their children.
Various government policies–such as low taxes–helped young families in the `40s and `50s. Since then, the tax burden, especially upon young families, has risen dramatically.
Their personal exemption in the state income tax, for example, has been frozen at $1,000 since 1969, while inflation has greatly eroded the value of it, thereby squeezing families with dependent children.
To alleviate that burden, the state should restore the value (in 1969 dollars) to the personal exemption. Any state income tax ”reform” worthy of its name would do no less.
