If, after reading those lyrics, you immediately recalled the timeless melody from Schoolhouse Rock, congratulations – you’re old. If you don’t know what I’m talking about, here’s a blast from my past you should watch immediately. https://bit.ly/4kp0ZYt
If for no other reason, so that you might hear for yourself the tune that was stuck in my brain for the duration of the conversation you’re about to listen to and the long journey of a bill that I very much hope becomes a law but might not, because…you know, certain elected officials are idiots.
The bill is called The Jumpstart Savings Act, and it was just introduced by a congressman from West Virginia named Riley Moore, a former welder and miner trying to inject a little common sense into Capitol Hill. The Jumpstart Savings Act is designed to establish savings accounts modeled after 529 college savins plans, allowing individuals to contribute up to $25,000 annually tax-free. Like 529s, these funds grow over time and can be used later for trade certifications and apprenticeship programs. But unlike 529s, this money can also be used to purchase tools, equipment, licenses, and other small business startup costs. Under the bill, existing 529 college savings can be rolled into Jumpstart accounts without penalty.
The implications are significant, especially when you consider the financial impediments of starting a small business in the trades. A welder, for instance, who is fully trained and willing to work as a sole proprietor, faces huge startup costs – the tools alone can cost tens of thousands of dollars. Throw in the cost of a work truck, and you’re looking at a six-figure barrier to entry. Likewise, plumbers and electricians with an entrepreneurial spirit. The barriers to entry are huge.
Allowing people to invest and save for careers in the skilled trades is long overdue, and the only reason it hasn’t happened yet is because Washington has failed to recognize the importance of the skilled trades and therefore passed lots and lots of legislation that benefits certain academic pursuits over others – specifically, jobs that require a four-year degree over those that require training. This bill, if passed, would go a long way in incentivizing the next generation to consider the many benefits of mastering a skill that’s in demand and help level the playing field in the race to encourage more skilled learning and more entrepreneurial spirit.
Finally, as a rule, I don’t interview elected officials. At least, not those currently in office. I’ve made an exception here, because Rep. Riley Moore has proposed something truly consequential – something that would absolutely benefit many of the 3,500 scholarship recipients that mikeroweWORKS has been privileged to assist, along with countless others contemplating a career in the skilled trades. And he was a lot of fun to talk to, even though I only had him for 40 minutes. Anyway, I’m doing what I can to encourage everyone on both sides of the aisle to push this thing forward. You can help by watching and sharing (I’d say write your local congressman, but I’m not sure anyone does that anymore). Our whole conversation is here. https://bit.ly/TWIHI469RipleyMoore
PS. This is the only bill I know of to be supported by the Teamsters as well as the Chamber of Commerce. That gives me hope that those knuckleheads opposing it will come to their senses…
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