529 plans are of marginal benefit to middle class families. The parents/grandparents who use this as a means to fund college education for their kids/grandkids would be sending their kids/grandkids to college anyway.
No the reason for the move by Pelosi and such to tell Obama to back off is because 529 plans are an awesome way for wealthy peeps to gift large amounts of wealth quickly. Did you realize there is a provision where a person can do 5 years of tax free gifts at once. 5X$14,000, to each and every individual you want to fund double that if there is a grandma.
Obama drops proposal to cut tax benefits of 529 plan
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Re: Obama drops proposal to cut tax benefits of 529 plan
by Winchester » Wed Jan 28, 2015 7:31 am
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Re: Obama drops proposal to cut tax benefits of 529 plan
by Southern Dad » Wed Jan 28, 2015 10:11 am
The reason for telling President Obama to back off is that they face reelection, he doesn't. While taxing 529 plans wouldn't destroy the middle class by any means, it's a tax increase and didn't someone promise not to increase the taxes on people making less than $250k by one dime?
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Re: Obama drops proposal to cut tax benefits of 529 plan
by Winchester » Wed Jan 28, 2015 11:14 am
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Re: Obama drops proposal to cut tax benefits of 529 plan
by Southern Dad » Wed Jan 28, 2015 11:33 am
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Re: Obama drops proposal to cut tax benefits of 529 plan
by Winchester » Wed Jan 28, 2015 11:51 am
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