Wayne Allard: “I stand before you today to support S. 1134, the Affordable Education Act. I have been a long time supporter of the…”

“I stand before you today to support S. 1134, the Affordable Education Act. I have been a long time supporter of the Education Savings Account. I believe that ESA's can be a very effective tool in helping parents have an impact on their child's education. The key to a child's education is parent involvement. As well intentioned as we may be here in Washington, no amount of money or regulation can accomplish what a child's parents can. I have worked and will continue to work to help provide parents the opportunity to have an increasing say in their child's education. I believe this bill will help to accomplish just that. The changes this bill will make to the Taxpayer Relief Act of 1997 will provide flexibility and choice to parents. Parents who earn less than $95,000 a year can pay up to $2,000 a year per child into a tax exempt Education Savings Account. This is an increase of 400% from the current limit. Under current law, money that is payed into ESA's is only available to pay for higher education. This bill will make money payed into an ESA available for parents during the K-12 years of education. This legislation gives parents the flexibility to use their money on anything from college tuition to books or computers if these supplies are utilized in their child's education. If parents would like to send their child to a private school this money will be available. Some will say that Education Savings Accounts will just benefit the rich. I strongly disagree.”