LAFAYETTE, La. (KPEL News) - There is no doubt that anyone reading this story has been impacted by inflation. While the amount of inflation has dropped slighty the costs of goods and services are still just over 6 percent higher this year than last year.

U.S. Senator John Kennedy has introduced a bill that would help parents who pay to send their children to private or parochial schools by raising the bar on how much money they can take out 529 savings plans without having tax penalties levied on that money.

Kennedy says if the law passes it would permanently raise the amount parents can withdraw from $10,000 to $12,000 as a way to help famllies combat the costs of inflation in various sectors of our economy.

Kennedy says,

Parent know their kids best and have the right to choose the educational path that's best for their kids. Now that raging inflation is making alternatives to government school less accessible, I'm introducing a bill to help families afford more private educaiton options.

Kennedy says inflation is due to policy decisiion made by the Biden Administration, and he believes that these issues will stay with us through the end of 2023. He adds that if his bill is passed it would also be able to make adjustments for inflation.

Senator Kennedy gives an example of how the buying power of the average person has changed in the last couple of years. If it cost parents $10,000 two years ago for a semester of college, that same semester this year would cost $11.400. Our buying power as consumers has been severly crippled by financial moves of the administration.


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