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H.R. 6036, The Lifelong Learning Accounts Act of 2008
- This item is from the 110th Congress (2007-2008) and is no longer current. Comments, voting, and wiki editing have been disabled, and the cost/savings estimate has been frozen.
Comparing revision saved on May 14, 2008, 19:30:21 (webmaster), with revision saved on June 15, 2008, 19:31:20 (webmaster):
H.R. 6036 would amend the Internal Revenue Code of 1986 to establish lifelong learning accounts to provide an incentive to save for education.
== Detailed Summary ==
<summary>
(Log in to editLifelong Learning Accounts Act of 2008 - Amends the wikiInternal Revenue Code to: (1) establish tax-exempt lifelong learning accounts to pay certain educational expenses, including tuition, fees, books, supplies, and be the firstinformation technology devices; (2) allow individuals between age 18 and 71 a tax credit for cash contributions to providetheir lifelong learning accounts; and (3) allow employers a detailed summary oftax credit for contributions made to the bill!)lifelong learning accounts of their employees and for administrative costs associated with small employer lifelong learning accounts.
</summary>
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== Status of the Legislation ==
<status>
Latest Major Action: 5/13/2008: Referred to House committee. Status: Referred to the Committee on Ways and Means, and in addition to the Committee on Education and Labor, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
</status>
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== Points in Favor ==
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== Points Against ==
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Visitor Comments
Average American
July 31, 2008, 4:49pm (report abuse)I am not familar with the details of this bill. But as an Average American family now facing a healthcare crisis I wish something like this had been in effect allowing us to save for our oldest children's education without interferring with our much younger child's access to life-sustaining healthcare. Standard college savings accounts were viewed as assets making the youngest ineligible for coverage of an uninsurable disease.
I see now that in our family histories, the cycle of poverty across generations has been the consequence of genetic-misfortune in a Darwinic-Malthusian system--Not Ignorance, Not Indolence.
It's time for the pendulum to swing. Free the People with tools that allow them to help themselves, without greedy designs to profit at the public's expense.