GOP praised for eyeing school savings accounts

Monday, November 13, 2017
 | 
Bob Kellogg (OneNewsNow.com)

high school graduationA policy analyst says the proposed GOP tax plan is a step in the right direction because it provides more school choice opportunities.

Currently, parents are able to put after-tax savings into Coverdell accounts to help save for college tuitions. Under the proposed 529 plan, parents would be able save more for both college and K-12 expenses, reports Jonathan Butcher of The Heritage Foundation.

"What they are suggesting," he tells OneNewsNow, "is that they would fold the Coverdell program into the 529 program so parents would still have the higher amount that they can save each year, and they'd be able to use the money for K-12 and college expenses."

Butcher is senior analyst at the Center for Education Policy, where colleague Lindsey Burke has written about the GOP's planned improvements. 

This plan is only a small step but nonetheless an important one, Butcher says, in simplifying the nation's complicated tax code.

"But I hope that lawmakers would recognize that making the tax code even slightly simpler is a positive step," Butcher observes, "and giving families more access to their own savings is a good step for liberty and a good step for freedom."

The biggest advantage to investing in a 529 plan, he further explains, is that withdrawals are free from any federal income tax.

Consider Supporting Us?

The staff at Onenewsnow.com strives daily to bring you news from a biblical perspective. If you benefit from this platform and want others to know about it please consider a generous gift today.

MAKE A DONATION

Comments

We moderate all reader comments, usually within 24 hours of posting (longer on weekends). Please limit your comment to 300 words or less and ensure it addresses the article - NOT another reader's comments. Comments that contain a link (URL), an inordinate number of words in ALL CAPS, rude remarks directed at other readers, or profanity/vulgarity will not be approved. More details

SIGN UP FOR OUR DAILY NEWSBRIEF

SUBSCRIBE

VOTE IN OUR POLL

Is the media to blame for the popularity of transgenderism?

CAST YOUR VOTE

GET PUSH NOTIFICATIONS

SUBSCRIBE

LATEST AP HEADLINES

Trump says looks like Khashoggi dead, threatens consequences
Feds open clergy abuse probe in Pennsylvania
Israel's Supreme Court overturns deportation of US student
Pressure turns to Mexico as migrant caravan heads for border
Putin: Trumps wants better relations with Russia

LATEST FROM THE WEB

State trying to silence pastor upset over abortion for 13-year-old
Yes, entitlements are a far bigger debt-driver than the recent tax cuts are
Chris Matthews' reaction to Kanye West exposes the left's race-card hustle
Angry mob? Restaurant owner called a Nazi sympathizer for renting a room to Senate candidate Marsha Blackburn
Push back against transgenderism, on campus and elsewhere

CARTOON OF THE DAY

Cartoon of the Day

REASON & COMPANY

NEXT STORY
Bizarre: Catholic doctrine riles some on Catholic campus

natural marriageAfter being targeted as a "hate group" by LGBT activists, a student group at Georgetown University that believes in traditional marriage will continue to be recognized by the oldest Catholic university in the U.S.