Political Quotes

“Mr. President, I am glad to be joined by Senator Casey of Pennsylvania in introducing bipartisan legislation to improve upon the already immensely successful college 529 savings programs. Those are savings plans to go to college. The 529 plans have helped millions earn a college degree without piling up a mountain of debt. These plans have long had strong bipartisan support, and I am glad the introduction of this bill today continues that tradition. Given the bipartisan nature of 529 plans, it came as a shock to me, and I am sure to most of my colleagues, when the President put forth a proposal that would undermine years of hard work toward making savings for college as accessible as it is today. College savings vehicles, we now know by the Tax Code section--that is where section 529 comes from--were first started by States in the late 1980s. However, it was only after a bipartisan effort led by then-Senator Bob Graham of Florida and Senator McConnell, now our majority leader, in 1996 that these savings plans were finally enshrined in section 529 of the Tax Code. By recognizing college savings plans in the Tax Code, States and participants could now be certain about the favorable tax treatment they would receive and thus the plans flourished. During this time, individuals' parents and grandparents were able to contribute to savings plans with certainty that the college savings for themselves and their loved ones would accumulate tax free.…”