Thune: Republicans Invest in the Next Generation

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WASHINGTON - U.S. Senate Majority Leader John Thune (R-S.D.) today delivered the following remarks on the Senate floor:

Thune's remarks below (as delivered):

"Mr. President, there's almost nothing parents won't do for their children.

"From the moment they hand you that little bundle, your whole life becomes about giving them a better life.

"Ensuring that they have every opportunity that you can give them.

"And setting them up for success.

"Most often, that starts with a good education.

"So last year, Republicans set out to support parents and empower them to make the choices they believe are right for their children's future.

"Mr. President, for decades now the 529 savings plan has been a powerful tool for parents to save for their kids' education.

"At first, 529s could only be used for college.

"But in 2017, Republicans expanded the eligible uses of 529 plans to include K-12 expenses as well.

"And in last year's Working Families Tax Cuts, Republicans again expanded 529 plans to include a number of education investments.

"Tutoring.

"Vocational education.

"Homeschool materials.

"And continuing education.

"And on top of that, we doubled the amount that you can spend from your 529 account to $20,000 per year.

"These reforms will help more Americans find success, whether they need a little help getting through algebra or want to pursue a career in the trades.

"Mr. President, as we mark School Choice Week this week, I also want to note how the Working Families Tax Cuts supports scholarships for students to attend the school that best suits them.

"I'm a proud product of public schools, the son of two public school educators, and both of our daughters graduated from our local high school.

"Students can get a great education at their public school, and they're a point of pride for many communities.

"But I also understand that some parents would like to send their child to a school outside of their district or to a non-public school or choose to homeschool.

"My home state has been a leader in offering open enrollment, which allows students to go to the public school of their choice - even if it's not the school closest to home - or to enroll in another school district altogether.

"South Dakota gets it.

"I'm not surprised that we were one of the first states to opt-in to the scholarship initiative created in the Working Families Tax Cuts, which encourages private support for scholarships that help students cover a variety of education expenses and enable them to take advantage of the type of educational freedom that South Dakotans have long enjoyed.

"And I'm glad to see that more than 20 states have already pledged to participate in this important initiative to encourage donations to K-12 scholarship funds.

"Mr. President, our bill doesn't stop there.

"The Working Families Tax Cuts provided additional funding for Pell grants and created the Workforce Pell grant program, which will support students pursuing shorter-term job training programs that prepare them for in-demand, skilled jobs.

"And then there are our actions tackling the high cost of college degrees.

"Mr. President, the cost of a college education is out of control, and research suggests that a number of degree programs now have a negative return on investment.

"The answer isn't throwing more federal dollars at the problem; it's putting downward pressure on tuition and holding schools accountable for the value of the education they provide.

"And that's what Republicans did last year.

"We implemented accountability measures to rein in high costs.

"We also streamlined student loan repayment programs, simplifying the process and providing much-needed clarity to folks repaying their loans.

"And we ensured that graduates won't have to pay taxes on tuition assistance from their employer - a measure that I introduced and that this bill makes permanent.

"Mr. President, the education provisions in the Working Families Tax Cuts give the next generation more opportunities to get ahead and succeed.

"But before I close, I want to talk about another part of this bill that sets America's next generation up for success.

"And that's the new Trump accounts.

"These new investment accounts provide parents with another vehicle to save for their children's future.

"To invest that money and let it grow over the years.

"And when those children turn 18, that money - thousands or tens of thousands of dollars - will be tax-advantaged and can be used for education, to start a business, or to buy their first home.

"In short, Mr. President, Trump accounts will help the next generation … get a head start on their American Dream.

"And for children born between 2025 and 2028, the government is offering an initial $1,000 investment in Trump accounts.

"We've also seen similar [initiatives] from philanthropists and matching commitments from various companies for their employees.

"And a number of those initiatives were announced during yesterday's Trump Accounts Summit at the White House.

"Mr. President, musician Nicki Minaj was among those at yesterday's summit.

"She grew up in a housing project in a family that faced its share of financial struggles, and she's now raising her own family.

"She recently said of Trump accounts, and I quote, 'This program will benefit everyone, decreasing the gap for future prosperity between children who traditionally aren't born with a full bank account and children who are.'

"Mr. President, I hope that parents will take the opportunity to learn more about this option to invest in their children's future.

"Because the more people learn, the more they'll see the potential to set their children - and an entire generation of Americans - up for success.

"Mr. President, a good education is the key to opportunity.

"It's one of the best gifts that parents can give to their children.

"Thanks to the Working Families Tax Cuts, the next generation will have greater educational freedom and be empowered to seize more opportunities and to find increased success.

"Our legislation puts our nation's children on a smoother path to achieving the American Dream.

"And it gives a whole generation more opportunities to get ahead."

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