Marking 529 Day today, Speaker Boehner shared stories from Ohio families who have relied on 529 college savings plans to help them put away money for college and avoid crushing student loan debt. Here’s more from the OH-08 blog:
Today is 529 Day, a day to recognize hardworking Americans who planned ahead and invested in college savings plans for their children, and recommit ourselves to ensuring this critical tool remains available to middle-class families who rely on it. Here are some of their stories:
- “We are very grateful that the 529 program was available to help us make wonderful things happen for our children’s education.” – Scott and Trisha Prunty (Fremont, OH)
- “Our sons are now 30 and 28 and both college graduates with NO debt due to the opportunities from the 529 plan.” – Elizabeth from (Middletown, OH)
- “We hope that the 529 College Savings Plan will become available in every state in our country and will remain tax free.” – James and Christine Beaver (Dayton, OH)
- “The 529 College Savings Plan gives the middle class family, (such as ours) a chance to make college affordable by investing in it as the children grow up. It worked for our family and it can work for many other families throughout our great country.” – James and Christine (Dayton, OH)
Here’s why 529 Day is especially important: Earlier this year, the president proposed a tax on 529 savings plans that would have made it harder for millions of middle-class families, many of whom are already struggling in this economy, to put money away for college. That’s right - the president actually proposed a tax on parents paying for college with money they’ve saved in their tax-free college savings accounts.
The House stood with the American people and held the line against the president’s proposal, forcing him to drop it from his budget. Yet, despite the president’s reversal, the White House maintains that taxing college savings plans is still ‘good policy.’
Middle-class families disagree – and that’s why the House has taken action. Earlier this year, we passed H.R. 529 to protect, modernize, and expand college savings plans. The bill, which passed with broad, bipartisan support, keeps 529 plans tax free, allows students to use savings to buy a computer for school, eliminates unnecessary paperwork, and waives penalties on re-depositing withdrawals if a student is unable to complete a semester. This bill is now working its way through the Senate.
The message from the American people and their representatives was clear: the federal government should be working to increase educational opportunity for students - not their parents’ tax bills. We’re listening, and we’ll continue working to help more families save for college and give their children the best shot at achieving the American Dream.
- Progress on Expanding College Savings
- One Way We Can Make College More Affordable
- By The Numbers: Expanding 529 Plans Helps Families Avoid Staggering Student Loan Debt
- “Saving a Savings Plan”: Americans Continue Speaking Out in Support of 529s
- Weekly Republican Address: Solutions to Protect College Savings & Expand Opportunity
- A Plan to Protect & Expand College Savings
- “Sure.” WH Says Tax Hike on Middle-Class College Savings Is Good Policy
- No Tax Hikes on College Savings
- Outcry Over President’s 529 Tax Intensifies
- President’s College Savings Tax Hike Hits the Middle Class
- The President’s Plan to Tax a College Education