Dr. Bucshon Votes to Expand College Savings Accounts

Statement

On Wednesday, the House of Representatives passed H.R. 529, a bipartisan bill that expands access to and modernizes college savings accounts known as 529 plans.

Congressman Larry Bucshon, M.D. (IN-08) released the following statement after voting to approve H.R. 529:

"Growing up in a small coal-mining town, the opportunity to go to college allowed me to pursue my dream of becoming a physician. Unfortunately, the same opportunity is out of reach for far too many students, but it doesn't have to be," said Bucshon. "In the United States, our students have amassed $1.16 trillion in debt attempting to keep pace with the rising cost of tuition -- a 17 percent increase in a 4 year degree under President Obama. My goal is to ensure that every student who wants to pursue an education has the opportunity to do so regardless of his or her position in life. That's why I opposed the President's proposal that would increase the financial burden on students by taxing 529 college savings. Instead, I voted to expand and remove barriers to this program that has helped American families save over $225 billion for college. By making it easier for families to save for college, we are giving millions of students who are just starting out in life, like I was, a shot at pursuing their dreams."

H.R. 529 passed the House on a vote of 401 to 20 and moves to the Senate for consideration.

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