Dear Annapolis friends and family (including Dufflepuds, Marshwiggles, Fauns, and other friendly Narnians),
The fog of Christmas holiday cheer has receded and a new year has finally dawned. Gone are the holiday parties, late nights, sleeping in, and marathon Netflix binge watching! A new era of dieting, exercise, and self-improvement resolutions has arrived. My own personal resolution involves growing my beard to James Harden proportions! While the end of 2017 might not be the end of the world as we know it, I still feel fine. Here’s why: 2018 is shaping up to be one of best years ever for ACA families.
First, I am proud… nay… I am ELATED to announce that after almost a year of delays, the long-awaited, much-coveted, greatly-anticipated, and ever-elusive Corpus Christi Building Permit has finally been granted for construction to begin on the new Jack L. Carter School of Rhetoric, the Warrior Sports Quad, and numerous parking lot and infrastructure improvements to the ACA campus.
This is great news! While timeline details are still being finalized, we are anticipating a full year’s worth of construction that will utterly transform the ACA campus and provide the highest quality facilities for ACA students and families.
Second, ACA parents can now rejoice that President Trump has signed into law the Tax Cuts and Jobs Act which, among other things, expands what are called 529 Educational Savings Plans to include students enrolled in K-12 private and parochial schools. 529 Plans are the rough equivalent of Roth IRAs for education: parents may make deposits in savings accounts to preserve funds for tax-free growth and for withdrawal up to $10,000 per child per year to pay for tuition and other school-related costs.
In a readable explanation of the new law and its implications, Ryan Ellis, a writer for Forbes magazine, explains:
“Consider the case of a parent who saves $4000 per year in a 529 for a child’s education in my home state of Virginia. He also deposits the $230 of annual tax savings he gets from Virginia into the account as a supplemental contribution. Our taxpayer sends his child to a Catholic elementary school which charges $6,500 per year in tuition, and then a Catholic high school which charges $10,000 per year in tuition. Throughout the course of the child’s pre-college educational life, our taxpayer has saved $76,000 in original contributions to the 529 but had enough money in the account to spend just under $100,000 on tuition, assuming a 5 percent annual investment growth rate. Nearly $25,000 was therefore totally free, totally tax-exempt education funding. His 529 subsidized one-quarter of his daughter’s tuition bill, a bill he would have paid entirely with after-tax dollars without the Cruz amendment.”
This is great news indeed and signals that the winds are finally blowing in the direction of expanding school choice. This will benefit thousands of families with children already enrolled in private schools and will make it possible for thousands of others to transfer their children from the enforced secularity and anti-religious environment now mandated and compelled in public education. This is a welcome win for religious liberty, educational pluralism, and freedom of educational choice.
The future is bright my friends!