Paul Coverdell: “I think we are making headway on this. The implication that the education savings account is a vehicle for people who…”

“I think we are making headway on this. The implication that the education savings account is a vehicle for people who drive around in limousines is inaccurate. The Joint Tax Committee has found the education savings accounts would be used 14 million times over, it would be used by 14 million families, 70 percent of whom have incomes of $75,000 or less. More importantly, though, the point I want to make--and I am not going to dwell on this because I know we have our differences--is that several years ago the President and the Congress passed the higher education savings account. It was for $500. The criteria for the families who could use those accounts are the identical criteria being used for these education savings accounts. There is no difference. I take some issue with the fact we in Congress and the President are applauding this wonderful account we have set up for higher education for $500, and yet on an identical scope of use for this savings account, it somehow gets into class warfare.”