How the GOP Tax Overhaul Could Impact Your Kid’s Education
#EdTaxCredit50 Coalition executive director Thomas Carroll was recently featured in a December 28th Miami Herald story by Kyra Gurney entitled “How the GOP Tax Overhaul Could Impact Your Kid’s Education.” According to the story:
“The sweeping $1.5 trillion tax overhaul President Donald Trump signed into law last week will likely impact many areas of American life, including education… For some families, the GOP tax plan will make it easier to pay private school tuition.
The tax-advantaged 529 accounts many families use to save for college — because earnings aren’t subject to federal income tax — can now be used to save for K-12 private school tuition as well.
Supporters are cheering the provision as a victory for the school choice movement, which supports non-traditional education options such as charter schools and private school vouchers.”
“It expands choice, it encourages families to save for education and it dramatically increases the flexibility on how families use 529 accounts,” said Thomas Carroll, the executive director of the #EdTaxCredit50 Coalition, a group pushing for the expansion of 529 accounts. “I just think it’s a tremendous opportunity for families to look at as an easier way to save money for the school of their choice.”
The story goes on to note that “[t]he change applies to both new and existing 529 accounts, so families already using the accounts to save for college can start using them for K-12 tuition in 2018, Carroll said.”