As a last-minute amendment to the Tax Cuts and Jobs Act, Sen. Ted Cruz (R-Texas) added a provision to allow families pay for up to $10,000 per year of K-12 expenses with a 529 plan. This inclusion is said to be a major victory for advocates of President Trump and Betsy Devos's school choice agenda, but many argue that the potential tax savings would only help high-income families who can afford to pay for private school.
The reality is, some (but certainly not all) families will benefit from the amendment – mainly those who send their children to private schools. But remember, it's not just the 1% who use private schools. And the bill also includes a provision that would help people living with a disability.
Kathryn Flynn | savingforcollege.com