Last month, Democrats and Republicans voted unanimously to expand education savings accounts, called 529 plans*, so families could use their tax-advantaged savings to pay for books, admissions exams, homeschool expenses, and even educational therapy for students with disabilities. It was a 42-0 vote in the Ways and Means Committee. That kind of bipartisan agreement is practically unheard of these days.
1. You’d have better luck getting the Lannister’s and Tyrell’s to bury the hatchet.
2. But then, something happened. Speaker Pelosi got wind of it, and stripped this important bipartisan provision out of the bill.
3. Who stood to benefit? The powerful self-interest groups and unions upon their Iron Throne of influence.
4. If you think this is unusual, you haven’t been paying attention to what the do-nothing Democrats have been up to these last few months.
5. Today, Democrats will take a final vote on legislation that obliterates these common sense reforms for families.
6. It’s more than just an honest mistake.
7. Because of Speaker Pelosi, real families are going to pay the price.
8. It’s time we break the wheel and achieve real progress for families who are just trying to give their kids a good education.
*529 plans allow families to save and grow tax-deferred money for their kids’ college—and thanks to the Tax Cuts and Jobs Act—also for elementary and high school expenses beginning just last year. In 2015, President Obama actually tried to tax these plans, but after pushback from his own party (awkward!), Obama dropped his proposal, citing it as a “distraction.” Since that time, Republicans have passed multiple provisions to strengthen and expand these savings plans. At a time when student debt is out of control, Washington should be looking for more ways to make education affordable and accessible for all.