Max Baucus: “I voted for the amendment of my colleague from Minnesota because I support providing a tax deduction to parents to help…”

“I voted for the amendment of my colleague from Minnesota because I support providing a tax deduction to parents to help defray the costs of a higher education for their kids. Senator Wellstone's amendment would also permit taxpayers who pursue additional education to deduct all or a portion of the related costs. This is important for taxpayers who lose their job and need additional skills to get reemployed or who want to advance to a higher paying job. In fact, Mr. President, I introduced S. 1312 earlier this year to provide a $5,000 deduction for higher education costs. I do have one concern with Senator Wellstone's amendment. The only tax cuts permitted under its language are a child tax credit and the deduction for higher education costs. There are a number of other tax cuts that merit consideration Mr. President, and I hope we can get to them this year. For example, an increase in section 179 expensing for small businesses, expansion of IRA's to encourage savings, and estate and gift tax relief for family-owned businesses. I look forward to working with my distinguished colleague from Minnesota on the child tax credit and the higher education deduction as well as a number of other tax cuts that will benefit taxpayers in Minnesota and Montana as well as the entire Nation.”