GOP Plan Expands College Savings Plans To Cover K-12 Costs
A Republican proposal would allow parents to put money they save for their children’s college costs toward K-12 education in a measure hailed as a win by school choice supporters.
The last-minute amendment to the Republicans’ tax plan allows parents to use up to $10,000 each year from 529 education savings accounts to pay for public, private and home school expenses.
Supporters call it a win for school choice because it would expand a program that’s been restricted to college tuition and expenses.
But critics say it would benefit only wealthy families and could create a system with more rules and regulations.
It was a part of the Republicans’ sweeping $1.5 trillion revamp of the nation’s tax code that was approved early Saturday.