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ERIC Number: ED531574
Record Type: Non-Journal
Publication Date: 2012-Apr-25
Pages: 5
Abstractor: As Provided
Reference Count: 0
ISBN: N/A
ISSN: N/A
Continuing the School Choice March: Policies to Promote Family K-12 Education Investment. Backgrounder. No. 2683
Burke, Lindsey M.; Sheffield, Rachel
Heritage Foundation
Coverdell education savings accounts (ESAs), created through the federal tax code, allow families to save money tax-free for K-12 and higher education expenses. Lifting the cap on contributions to Coverdell accounts would provide greater access to school choice options by allowing families to invest more money in their children's education. Additionally, existing "529" college savings accounts should be expanded to allow families to save for K-12 education expenses. Both reforms would allow parents to use more of their money for a child's private-school tuition or other education expenses. Since most states offer either tax credits or deductions to encourage saving in a 529 plan, expanding it to make K-12 expenses allowable would effectively create opportunities for millions of American families to open ESAs. (Contains 20 footnotes.)
Heritage Foundation. 214 Massachusetts Avenue NE, Washington, DC 20002-4999. Tel: 202-546-4400; Fax: 202-546-8328; e-mail: info@heritage.org; Web site: http://www.heritage.org
Publication Type: Reports - Descriptive
Education Level: Elementary Secondary Education; Higher Education
Audience: N/A
Language: English
Sponsor: N/A
Authoring Institution: Heritage Foundation