WASHINGTON, DC – House Speaker John Boehner (R-OH) released the following statement praising the House for passing, on a strong, bipartisan vote, legislation introduced by Rep. Lynn Jenkins (R-KS) that expands and improves 529 college savings plans (H.R. 529):
“If there is one common aspiration that unites us as parents - that drives everything we do from the moment our kids are born - it is our desire to give them every opportunity to succeed. Attaining a post-high school education is a critical part of that equation, and a goal that nearly 12 million parents use tax-free college savings accounts – known as 529 plans – to achieve. The president’s ill-conceived proposal to tax these plans would have made it harder for middle-class families to put money away, forcing them to take on huge amounts of student loan debt. With the cost of tuition up by double digits under President Obama, the last thing he should do is make it even harder to pay for college. Instead, he ought to work with us to expand and strengthen 529 savings accounts, ensuring that education becomes the civil right of the 21st century.”
NOTE: In this short explainer video, Speaker Boehner talks about 529 plans and how this bipartisan plan to expand them would help middle-class families.