[Congressional Record Volume 149, Number 27 (Thursday, February 13, 2003)]
[Extensions of Remarks]
[Page E269]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                AFFORDABLE COLLEGE EDUCATION ACT OF 2003

                                 ______
                                 

                            HON. ZOE LOFGREN

                             of california

                    in the house of representatives

                      Thursday, February 13, 2003

  Ms. LOFGREN. Mr. Speaker, in the State of the Union address, 
President Bush proposed large tax cuts that primarily benefit the top 1 
percent of taxpayers. According to the Congressional Budget Office, the 
President's tax cut and other proposals will constitute a majority of 
the projected $2.1 trillion dollar debt. I object to this; Democrats 
object to this. But the President and the Republican Party have ignored 
these objections.
  The President's plan to eliminate the corporate tax on dividends 
comprises the bulk of his proposed tax cut--$364 of the $674 billion 
dollar package--nearly 50 percent.
  If the President wants us to cut $674 billion dollars in taxes, we 
should do this right. We should promote a prosperous future for 
America. We should encourage the intellectual development of our 
nation's youth. We should focus on families, and students, and make 
college possible for everyone.
  Consider the facts--From 1991 to 2001, college tuition grew faster 
than inflation and family income. According to the College Board, 
average tuition and fees grew by 38 percent at public four-year 
institutions and 37 percent at private four-year institutions. Over the 
same period, median family income increased by only 8 percent.
  In the last year alone, public universities faced the largest single-
year increase in 10 years. In my district, San Jose State University 
fees increased by 10 percent this year and could increase an additional 
20 to 25 percent next year due to state budget cuts.
  In addition, the burden of student loans continues to increase. 
Average student loan debt is now close to $17,000, up from $8,000 in 
just seven years.
  We cannot let families and students continue to shoulder the burden 
of rising costs in higher education. This is why I am introducing the 
Affordable College Education Act of 2003, ACE.
  ACE puts money back in the pockets of middle-class families who need 
help with college costs. It will allow American taxpayers to fully 
deduct college expenses, including tuition, fees, books, supplies, 
transportation, housing and meal plans. This bill will also help 
Americans saddled with student loan debt by allowing them to deduct all 
student loan interest.
  ACE breaks down financial barriers and ensures what every family 
wants for their children: the opportunity for higher education. I urge 
you to support this bill and deal an ACE for American families facing 
the daunting costs of college.

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