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Obama Hears Our Plea, Drops Proposal to Raise Taxes on 529 Savings Plans


Feb 3, 2015
After widespread criticism from both parties, the Obama administration decided to scrap its proposal to raise taxes on college savings accounts. Just last week, we blogged about President Obama's proposal to "roll back" tax benefits of 529 college savings plans and "repeal tax incentives going forward" for Coverdell Education Savings Accounts. Luckily, that's no longer the case. According to The New York Times, the decision came just hours after Speaker John A. Boehner of Ohio demanded the proposal be withdrawn from the president's budget, "for the sake of middle-class families." Interestingly enough, top Democrats, including Representative Nancy Pelosi of California, the minority leader, pressed for the repeal. Administration officials initially defended the plan as an attempt to [...]
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22 months ago 0 comments

Figuring out how you’re going to pay for your college education can be intimidating. No one wants to pay off student loans for the rest of their lives, full-tuition scholarships are rare and federal student aid seldom covers all college costs but if you’re lucky enough to have a parent or relative willing to help curb the financial strains, it’s important to note that college savings plans are [...]

46 months ago 0 comments Read More