I haven’t followed the whole tax debate all that closely. The little I’ve heard I like. I figure in the long run the 45% of the population that pays no federal income tax will continue to do so and those of us who do pay will continue to do so. One thing I definitely like, though, comes via Senator Ted Cruz:
The Senate also voted to adopt my amendment to expand 529 College Savings Plans to include K-12 elementary and secondary school tuition for public, private, and religious schools, including K-12 educational expenses for homeschool students. https://t.co/x8zQ95lUA3
— Ted Cruz (@tedcruz) December 2, 2017
The favoritism the tax code has shown public schools is simply unconscionable. If you are in a place like Washington, DC, you are afraid to use the product, you are forced to subsidize that school system by your taxes, and if you value your child’s future you have to rely upon private, parochial or homeschooling. And none of those are cheap.
Expanding the 529 program to cover “education” rather than certain favored forms of education is a great move. The only thing that would have made it better would have been to require that states allow homeschool families to open Coverdell ESAs, too. Right now this varies from state-to-state and my state doesn’t allow it.
This provision works hand-in-glove with the concept of school choice being a real choice for all parents, not just those with the resources to exercise it.