Feb 25, 2015

House Votes to Strengthen College Savings Plans

Washington, D.C. – House Majority Leader Kevin McCarthy (CA-23) spoke on the House floor today in favor of H.R. 529 to improve and expand education opportunity by strengthening 529 college savings accounts.

Excerpts of McCarthy’s remarks are below:

“You know, during his speech—the State of the Union Address—President Obama presented what he called ‘middle-class economics.’ It didn’t take long for people to realize that the President’s plan meant taxing the middle class to pay for bigger government and pipe-dream projects. 

“Nothing demonstrated this anti-middle class agenda more than the President’s plan to attack education opportunity for middle-class families by taxing 529 saving accounts.

“Now, after families cried out against the President’s plan, he dropped it. And I’m happy about that. The President has rightly chosen to not do harm. But now he should work with the House to do some positive good. 

“Education has been the great equalizer in this country.

 

“But like anything, we should modernize [529 accounts] because education changes, just as technology has changed. Could you imagine today sending your child to college but to tell them to learn without having a computer? Isn’t that a part of the education system too?

“Well that’s what this 529 account will also expand to. So today, when we talk on the floor, it’s really about the future. But it’s about the future of every single family from every walk of life. 

Now, Mr. Speaker, I differ with the President on many issues. And I would say the majority of the House differs with the President that he would tax every parent, or every grandparent that wanted to put away for a brighter future for their child or grandchild.

“Luckily, he turned back. Well, today is a chance to work with us. 

“And what that means today is that we can all join so the 21st century could be even stronger, and we can keep the promise we made to every American that every generation will improve on the generation before them. And that’s the opportunity that the 529 account gives us.