Our President wants to eliminate the incentive to invest in a 529 Plan by taxing ANY profit you make and planned to use for college expenses:
Tax Benefits of College-Savings Plans Would Be Cut by Obama - Total Return - WSJ
Memo To Obama: Middle Class Families Use 529 College Savings Plans - Forbes
Obama's 529 College Savings Plan Tax Hike Is An Assault On The American Dream - Forbes
Will Obama's middle-class economics hurt college savings plans? - Fortune
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Such a move would make the 529 plans no different than having an investing account. The argument is that only the "rich" use 529 plans and are skipping-out on paying taxes. What is really happening here, as I see it, is that the government is pushing us to rely on them for their proposed free community college plan at the expense of those who actually plan, or planned to plan, to be responsible for our own children! This bright idea is still in its infancy so many specifics aren't known, however ANY change to the current 529 system, especially those already invested in one, will be punished in the name of helping others and giving someone else a lesser opportunity (I for sure don't plan to have my child's 529 plan cover just community college) than what one planned to saved for!!
Tax Benefits of College-Savings Plans Would Be Cut by Obama - Total Return - WSJ
Memo To Obama: Middle Class Families Use 529 College Savings Plans - Forbes
Obama's 529 College Savings Plan Tax Hike Is An Assault On The American Dream - Forbes
Will Obama's middle-class economics hurt college savings plans? - Fortune
__________________________________________________ ____
Such a move would make the 529 plans no different than having an investing account. The argument is that only the "rich" use 529 plans and are skipping-out on paying taxes. What is really happening here, as I see it, is that the government is pushing us to rely on them for their proposed free community college plan at the expense of those who actually plan, or planned to plan, to be responsible for our own children! This bright idea is still in its infancy so many specifics aren't known, however ANY change to the current 529 system, especially those already invested in one, will be punished in the name of helping others and giving someone else a lesser opportunity (I for sure don't plan to have my child's 529 plan cover just community college) than what one planned to saved for!!
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