March 29, 2000
Tomorrow, the House of Representatives will take up legislation of
direct and beneficial interest to our community - the creation of
"education savings accounts."
H.R.7, a bipartisan measure already
passed by the Senate, would permit
parents to invest up to $2000 in a tax free IRA account each year after
the birth of a child. (Middle income taxpayers eligible for the $500
child tax credit could contribute up to $2500 annually.)
Parents could withdraw money invested in
the IRA for use towards a broad
range of primary, secondary or college education expenses including
tuition, activity fees, supplies, tutoring or transportation costs.
The
legislation would permit parents to use these funds to further their
children's education at any school - public, private, sectarian or home
school. A similar measure has already been approved by the U.S.
Senate.
It is worth noting that America already has tax-free education savings
accounts for college education expenses and we all realize that the
early years of education are where the foundation for a better life is
built. This support must be extended to the critical k-12 years.
Contact
you Representative to express your view on this issue
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