Ryan Statement on President’s Plan to Tax College Savings Accounts

The following press release was published by the U.S. Congress Committee on Ways and Means on Feb. 3, 2015. It is reproduced in full below.

WASHINGTON - Ways and Means Committee Chairman Paul Ryan (R-WI) released the following statement in response to reports that the president is dropping his proposal to tax 529 college savings accounts. Ways and Means member Rep. Lynn Jenkins (R-KS) has introduced bipartisan legislation that, rather than tax, would strengthen and expand this tool millions of families use to help save for college.

“It took a public backlash for the president to realize that taxing college savings plans was a bad idea. But withdrawing the proposal is not enough. He should work with Republicans to pass Rep. Lynn Jenkins’s plan to strengthen and expand these important accounts."

Source: U.S. Congress Committee on Ways and Means