Mike Levin: “I will vote against the so-called Affordable Education Act, S. 1134, because it is not a wise use of Federal dollars. It…”

“I will vote against the so-called Affordable Education Act, S. 1134, because it is not a wise use of Federal dollars. It does not address our national education priorities. And, it will not help those who are most in need. I would like to take a moment to talk about exactly who will benefit from this IRA expansion for elementary and secondary education expenses. According to the U.S. Department of the Treasury, 70 percent of the proposed IRA tax benefit would go to the top 20 percent of all taxpayers. These higher income families, many of whom already send their children to private schools, would gain most of the benefits. Families unable to save, including most families earning less than $55,000 a year, would receive very little, if any benefit at all. Additionally, this IRA tax benefit would be minimal. According to the Joint Committee on Taxation, the average annual benefit for families with children attending private schools would be limited to approximately $37; and for families with children in public schools, the average annual benefit would be $7. Mr. President, 90 percent of the children in America attend public schools. Instead of investing in proven initiatives to raise academic standards for all children, the bill before the Senate emphasizes the wrong priority.”