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Senator Collins' Statement on Administration's Decision to Abandon Harmful 529 College Savings Proposal

Statement

Date: Jan. 27, 2015
Location: Washington, DC
Issues: Higher Education

Shortly after Senator Susan Collins sent a letter to the Senate Finance Committee and spoke from the Senate floor today about the harmful changes proposed to the 529 College Savings Plan, it was reported that the Obama Administration will drop a proposal to tax the earnings of the popular college savings plan.

In a statement tonight, Senator Collins said, "This is welcome news for the countless hardworking parents who make sacrifices to save and provide for their children's futures. The President's proposal to tax the earnings of 529 College Savings Plan accounts never made sense. It would have lead to more student loan debt and undermined the very values that we should be promoting -- families making sacrifices in order to better provide for their children tomorrow."


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