Dr. Rand Paul Introduces the Tax-Free Education Act to Help Americans Pay For and Pay Off their Student Loan Debt
WASHINGTON, D.C. – This week, U.S. Senator Rand Paul (R-KY) introduced the Tax-Free Education Act to provide a 100 percent tax deduction to anyone who pays for college or K-12 tuition and associated expenses. This legislation is a pro-taxpayer plan to help Americans more quickly and easily pay off their student loan debt or avoid it all together.
“Financing education is already hard enough, and Uncle Sam doesn’t need a cut,” said Dr. Paul. “My plan allows people to pay for college with pre-tax dollars and would be available to anyone who is helping pay for college – grandparents, aunts and uncles, and family friends. This empowers the American people to pay off school debt and realize the dreams they studied hard to achieve.”
“Dr. Paul’s bill would help make education more affordable for students and families to attend the school of their choice, from Kindergarten through college,” said Dr. OJ Oleka, President of the Association of Independent Kentucky Colleges and Universities (AIKCU). “It also creates a 100 percent return on investment for students and families who pursue the transformative opportunity that a quality education can provide. I’m thrilled to support this commonsense legislation that aims at putting students first.
Under Dr. Paul’s legislation, every American could write off 100 percent of tuition and related expenses for college and K-12 education each year. It also allows these provisions to apply to students’ support systems who might be assisting in paying for college.
You can read the Tax-Free Education Act, HERE.