Paul Coverdell: “I rise on behalf of H.R. 2646, the A- plus education bill. What has become known as the A-plus account, or education…”

“I rise on behalf of H.R. 2646, the A- plus education bill. What has become known as the A-plus account, or education savings account, is a unique instrument that is being designed to help American families across the land to deal with education deficiencies, particularly in grades K-12, kindergarten through high school, although the account may be kept intact and used for higher education if that is the desire of the family. Simply put, a family could save up to $2,500 every year from the child's birth in a savings account much like an IRA that most Americans have come to understand, a similar instrument. These are after-tax dollars. The interest that would build up each succeeding year would not be taxed if the proceeds of the account are used for virtually any educational purpose. So it becomes a tool that empowers parents to deal with particular or peculiar deficiencies of the child. As a result, my own view is that the value of these dollars could be as much as three to five times a typical public dollar being spent because the dollar is being directed at the unique deficiency.”