Taking It to the Polls

Although voter turnout is typically lower during primary races, many more voters may be eager to get to the polls this November. Their decision making there will play a critical role in the nation’s economic future.

In the narrowly divided Senate, 33 seats are open.¹ In the House of Representatives, where the party divide is slightly wider, all 435 seats are open. With the balance of political power so precarious, the future of income taxes, estate taxes, and Social Security reform may depend greatly on the outcome of this fall’s election. And this could impact the way you spend, save, and invest in the future.

Social Security
With potential budget deficits expected in fiscal years 2002 and 2003, some experts believe that Social Security reform will take a backseat to other concerns. Still, poll results indicate that half of Americans favor partial privatization of the government-run retirement program.² Lawmakers who share the desire for reform may make this an issue in future elections.

Income Taxes
Even though Congress passed President Bush’s tax-relief package in 2001, some legislators have suggested delaying the act’s full implementation until the government is on sounder footing. Yet in one poll conducted earlier this year, 67 percent of Americans favored cutting taxes for everyone now rather than waiting.³

Estate Taxes
The estate tax reforms that were part of the 2001 tax act won’t be fully implemented until 2010, but the reforms are scheduled to expire in 2011 as a result of the law’s sunset provision. Although it is possible that Congress will eventually change the temporary status of estate tax reduction, it remains unclear what action lawmakers will take.

Regardless of the election outcome, the way Congress handles these and other issues is likely
to impact the finances of most Americans. Keeping an eye on Washington may help improve your financial outlook.

1) United States Senate, 2002
2) Investor’s Business Daily, February 27, 2002
3) Investor’s Business Daily, January 17, 2002

© 2002 Emerald Publications

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