Volume
1 Issue 3- May 2001
Donald V. Watkins
"...we must stop penalizing families that are doing the right thing and saving money for their children's education."
SENATOR SESSIONS' COLLEGE SAVINGS BILL ON TARGET
Voter News Network focuses on "pocketbook" issues. We know that a large body of middle class voters is politely ignored by many elected officials. Typically, these voters have combined household incomes exceeding $100,000. These voters receive very little support from our federal and state governments for their efforts to provide affordable college education for their children.
For this reason, Voter News Network is very excited about a federal bill introduced by Senator Jeff Session (R-Alabama) that will make all of the interest earned in pre-paid college tuition plans 100 percent tax-free. Senator Sessions' bill expands the scope of pre-paid tuition plans, which currently allow the taxpayers to defer the taxes on the interest earned until the money in the plan is used for college education. The Collegiate Learning and Student Savings (CLASS) Act helps middle class voters by making college education more accessible. It also provides a welcomed incentive that encourages working voters to save money and participate in pre-paid tuition plans. As stated in his guest commentary (click here) families saving for college are taxed when they earn the money and again on the interest that accrues from the savings. Senator Sessions adds, "we must stop penalizing families that are doing the right thing and saving money for their children's education." We agree.
Voter News Network supports Senator Sessions' bill. It is in the best interests of those we represent. This bill will make it easier for our children to attend college and easier for us to afford it.
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SENATOR SESSIONS' COLLEGE BILL MAKES TUITION 100 PERCENT TAX-FREE
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SENATOR SESSIONS' COLLEGE SAVINGS BILL ON TARGET
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