[Congressional Record (Bound Edition), Volume 161 (2015), Part 1]
[House]
[Page 1158]
[From the U.S. Government Publishing Office, www.gpo.gov]




                       529 COLLEGE SAVINGS PLANS

  The SPEAKER pro tempore. The Chair recognizes the gentlewoman from 
North Carolina (Ms. Foxx) for 5 minutes.
  Ms. FOXX. Mr. Speaker, paying for college is hard work, and it is 
getting more difficult as tuition and fees continue to increase at 
rapid rates.
  Fortunately, American families have an investment tool known as a 529 
plan to help them save for their child's college education. Since 2001, 
students have been able to withdraw earnings from these plans tax free 
if the funds are used to pay for qualified higher education expenses.
  It was disheartening to learn last week that President Obama now 
wants to tax those withdrawals and treat the earnings as student 
income, which would hurt a child's chances of receiving financial aid. 
With student loan debt surpassing credit card debt, it is incredibly 
irresponsible of the President to take away this valuable tool that 
millions of American families use to save for college.
  House Republicans will fight this attempt to raise taxes on 
hardworking American families. We want to encourage, not discourage, 
families from investing in their child's future.

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