Obama's Abandonment of Tax on College Savings Plan is a Win for Middle Class

Statement

U.S. Congressman Marlin Stutzman issued this statement in light of President Obama abandoning his proposal to tax 529 plans and following his cosponsorship of H.R. 529, a bill introduced by Representatives Lynn Jenkins and Ron Kind to protect middle class families by strengthening 529 college savings plans.

"Every young American deserves the opportunity to go to college and continue their education. The last thing working moms and dads should worry about is Washington standing in the way of their child's path to success. Earlier this morning, during a House Budget Committee hearing on the future of our economy, I raised serious concerns about the president's plan because I felt it would only hurt middle class families.

"It was severely disappointing to see President Obama attempt to put up a roadblock to education and oppose tax-free 529 plans -- a policy which he previously voted to make permanent in the past as then-Senator Obama. However, I am pleased the President has abandoned his plan to take away a critical tool for families to invest in their children's futures.

"Today, I was very proud to become a cosponsor of H.R. 529, legislation that strengthens hardworking middle class American families' ability to save and invest for their children's college education without the burden of being taxed by the federal government.

"As a father of two, I look forward to working with my colleagues in Congress on innovative ways to make college more affordable for middle class families."

Source