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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to The New York Times, the decision came just hours after Speaker John A. Boehner of Ohio demanded the proposal be withdrawn from the president's budget, "for the sake of middle-class families."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

Saving for your college education early is essential in the quest to actually affording it. And if you're lucky enough to have your guardians and relatives willing to help with college costs, the 529 tuition savings plan was the surest route to take. If you aren't familiar, the 529 tuition savings plan was designed to help parents begin saving for college by providing an investment option that [...]

23 months ago 6 comments Read More

Today is May 29, also known as "529 College Savings Day," named after 529 plans, which are popular state-sponsored college savings plans.  Today has been designated as a day to raise awareness of the importance of saving for college, as well as ways to do so. While 529 plans suffered along with everything else in the stock market, they are still being emphasized as a valuable tool for saving [...]

91 months ago 0 comments Read More

Continuing our theme from yesterday, today's blog post centers on more options for saving for college.  Yesterday, we discussed 529 plans, popular college savings vehicles that have been battered by recent financial troubles.  If you're considering saving for college but are not sold on a 529 plan, the most common alternatives are discussed below. Coverdell ESA. Coverdell Education Savings [...]

93 months ago 0 comments Read More