Political Quotes

Mark Neumann: “the other one that relates to education, in the same area, is the $500 per child education savings account. I have a lot…”

On the recordSeptember 29, 1997
the other one that relates to education, in the same area, is the $500 per child education savings account. I have a lot of grandparents that say what should we give our grandchildren for this particular birthday or this particular birthday. This account has been set up so that the grandparent could conceivably put $500 per child into a savings account that would then stay in the savings account until the child reaches college age. The child then, the interest accumulates tax-free and the child could then take it out when it is time to pay for their college education. Of course, it is not only grandparents that could do this, parents could do this if they have the financial wherewithal, but it is an account that allows families to start saving for their children's future education, where the interest accumulates tax-free in the account. It is called the educational savings account and works sort of like an IRA used to work.
Said by
Mark Neumann
Wisconsin
Source
govinfo.gov

Editor's note · Context

Discussing the $500 per child education savings account for future college expenses.

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