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.”