Deleted
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Post by Deleted on Jan 28, 2015 0:13:59 GMT
I'm glad to hear about this and while I'm a bit offended at the Administration calling the penalizing of hard working middle class people trying to do the right thing to save for the education of their children a "distraction", I'll still be thrilled to hear this news.
Obama Dropping Plan To Tax 529 College Savings Plans
WASHINGTON, Jan 27 (Reuters) - President Barack Obama has dropped a controversial proposal to tax "529" college savings plans, a White House official said on Tuesday, calling it a "distraction" from administration efforts to provide middle-class tax relief.
The proposal had aroused opposition from Republicans and Democrats in Congress.
A source familiar with the situation said House of Representatives Democratic leader Nancy Pelosi had pressed senior administration officials to drop the proposal as she flew with Obama on Air Force One from India to Saudi Arabia.
"Given it has become such a distraction, we're not going to ask Congress to pass the 529 provision so that they can instead focus on delivering a larger package of education tax relief that has bipartisan support," the White House official said.
The official said the plan had been "a very small component of the president's overall plan to deliver $50 billion in education tax cuts for middle-class families."
The "529" plans are sponsored by states and run by investment management companies. Withdrawals from the accounts can be used tax-free to pay for qualified education expenses at any college or university in the country, such as tuition, fees and books.
Supporters of the the move to tax the plans had pointed to a 2012 government report showing they were being used by less than 3 percent of U.S. families and that those families tended to be much wealthier than those without 529 accounts.
Opponents of the proposal said the plans were popular among middle-class families and disputed arguments that they benefited only wealthier Americans.
(Reporting by Jeff Mason and Peter Cooney; Editing by Andrew Hay)
www.huffingtonpost.com/2015/01/27/obama-529-plans_n_6558886.html
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Post by foolana on Jan 28, 2015 0:28:54 GMT
So Obama does what you want and you still have to insult him? It's unbelievable.
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Deleted
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Jun 1, 2024 0:41:53 GMT
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Post by Deleted on Jan 28, 2015 0:33:12 GMT
Again...I think it's great that he's dropped the controversial (to both Republicans AND Democrats) tax. WOO HOO! Good for hard working Americans trying to do the right thing and save to help educate their child(ren).
I guess if this Administration hadn't trivialized the hurt this tax would've caused on hard working, middle class Americans trying to do the right thing I would not have pointed it out.
So for that complaint, feel free to email the White House.
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Post by peasapie on Jan 28, 2015 1:13:36 GMT
I agree with you. Calling it a "distraction" is a way to attempt to marginalize a bad idea that got called out for what it is. He should just say he realized he goofed.
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Deleted
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Jun 1, 2024 0:41:53 GMT
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Post by Deleted on Jan 28, 2015 1:17:41 GMT
I agree with you. Calling it a "distraction" is a way to attempt to marginalize a bad idea that got called out for what it is. He should just say he realized he goofed. ITA. Has he ever admitted he goofed, on anything? |
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Deleted
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Post by Deleted on Jan 28, 2015 1:33:26 GMT
He didn't goof - here's how it works.
You throw a plan up in the air that you know has no chance of sticking. And then when it doesn't stick, you place the blame on someone else.
This was the predicted outcome. And it won't be the last time you hear about how the Republicans don't care about families and educations. I have no doubt that it will be brought up over and over again. There is, after all, an election coming up.
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Post by threegirls on Jan 28, 2015 1:35:45 GMT
Whew. I'm so glad that you posted this article. The plan to tax 529 plans was deeply concerning to this middle class family!
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Deleted
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Jun 1, 2024 0:41:53 GMT
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Post by Deleted on Jan 28, 2015 1:54:07 GMT
He didn't goof - here's how it works. You throw a plan up in the air that you know has no chance of sticking. And then when it doesn't stick, you place the blame on someone else. This was the predicted outcome. And it won't be the last time you hear about how the Republicans don't care about families and educations. I have no doubt that it will be brought up over and over again. There is, after all, an election coming up. Well you have heard how much the Republicans hate women...so it makes complete sense that they also hate families and educations.  |
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Post by lucyg on Jan 28, 2015 1:59:17 GMT
Okay, I came in here ready to agree with your OP, but having read all the posts now ... never mind. I'll just back out quietly before anyone notices I was here.  |
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scrappinghappy
Pearl Clutcher
“I’m late, I’m late for a very important date. No time to say “Hello.” Goodbye. I’m late...."
Posts: 4,306 
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Post by scrappinghappy on Jan 28, 2015 2:00:27 GMT
What exactly does this mean. Taxes on your education SAVINGS or tax CREDIT for education expenses
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Post by sugarmama on Jan 28, 2015 2:38:09 GMT
I'm glad, but I am a skeptic--just wondering what else they'll try and tax to get the money.  |
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Peal
Pearl Clutcher
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Jun 25, 2014 22:45:40 GMT
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Post by Peal on Jan 28, 2015 3:32:56 GMT
I'm glad, but I am a skeptic--just wondering what else they'll try and tax to get the money. I'm guessing next in line is going to be our Roth IRAs. Those are probably just tax shelters for the wealthy, too. Here's my question, if everyone is going to get 2 years at the CC for "free", how much is it going to cost at the University to get a bachelors if the schools aren't getting the money from the students who would be paying for those general ed classes. Will the smaller majors course prices rise to offset the losses? Will a 4 year degree become less expensive? Or just offset the bills for 2 years? |
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Post by 950nancy on Jan 28, 2015 4:24:00 GMT
I am happy it is no longer the plan. We have invested a lot (thanks to my wonderful father  ) and that tax would have really hurt. The money has been gaining interest since 2001 and we will be using it in August. |
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Deleted
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Jun 1, 2024 0:41:53 GMT
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Post by Deleted on Jan 28, 2015 4:39:53 GMT
I'm glad, but I am a skeptic--just wondering what else they'll try and tax to get the money. I'm guessing next in line is going to be our Roth IRAs. Those are probably just tax shelters for the wealthy, too. Here's my question, if everyone is going to get 2 years at the CC for "free", how much is it going to cost at the University to get a bachelors if the schools aren't getting the money from the students who would be paying for those general ed classes. Will the smaller majors course prices rise to offset the losses? Will a 4 year degree become less expensive? Or just offset the bills for 2 years? That's a very good, and legitimate question. Remember when we were promised that every American family would save $2,500 per year with Obamacare?
Nothing is free. Someone is paying for it. If you're reaping the benefits of something for free, someone, somewhere is paying for that benefit.
Just like Obamacare wasn't a "fix" for the crazy cost of health care in this country, I am skeptical that getting 2 yrs of community college for "free" isn't going to have an impact on the skyrocketing cost of a college education.
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Deleted
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Jun 1, 2024 0:41:53 GMT
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Post by Deleted on Jan 28, 2015 5:34:11 GMT
He didn't goof - here's how it works. You throw a plan up in the air that you know has no chance of sticking. And then when it doesn't stick, you place the blame on someone else. This was the predicted outcome. And it won't be the last time you hear about how the Republicans don't care about families and educations. I have no doubt that it will be brought up over and over again. There is, after all, an election coming up. Well you have heard how much the Republicans hate women...so it makes complete sense that they also hate families and educations. Don't forget how much they hate clean air and clean water. |
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back to *pea*ality
Pearl Clutcher
Not my circus, not my monkeys ~refugee pea #59
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Jun 25, 2014 19:51:11 GMT
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Post by back to *pea*ality on Jan 28, 2015 12:17:13 GMT
It was a bad idea that has gone down in flames. Good.
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) and that tax would have really hurt. The money has been gaining interest since 2001 and we will be using it in August.