Obama helps the Middle Class one more time

[texan]

Let's say you have 5K saved in an account for education. Today you could pull it out tax free and pay for education. Tomorrow Obama will tax it when you pull it out........Such a middle class warrior. I don't think this will affect the poor or the rich..........

Such a fraud.

Middle-class savings like blood in the water: Column


Bank robber Willie Sutton is said to have explained his career this way: "That's where the money is (http://www.fbi.gov/about-us/history/famous-cases/willie-sutton)." Whether Sutton ever really said that, it's an aphorism that, according to Bloomberg's Megan McArdle,explains (http://bv.ms/1yQ8IU8) President Obama's plans to go after middle class assets like 529 college savings plans and home appreciation.
Though millions (http://www.nytimes.com/2015/01/23/your-money/obamas-proposed-changes-to-529-college-savings-plans-would-reduce-benefits.html) of Americans have been putting money into "tax free" 529 plans (http://www.irs.gov/uac/529-Plans:-Questions-and-Answers) to save for their children's increasingly expensive (http://www.bloomberg.com/news/2013-08-26/college-costs-surge-500-in-u-s-since-1985-chart-of-the-day.html) college educations, President Obama would change the law so that withdrawals from the plans to fund college would (http://www.marketwatch.com/story/obama-wants-to-reduce-tax-breaks-for-529-plans-2015-01-20)be taxed (http://www.marketwatch.com/story/obama-wants-to-reduce-tax-breaks-for-529-plans-2015-01-20) as ordinary income.

http://www.usatoday.com/story/opinion/2015/01/25/college-cost-tax-federal-community-obama-money-middle-class-incentives-column/22314063/



Oh I got it this is where he will get the money to give community college away? From you, the middle class.

[Redrose]

Leeches suck blood from it's victims, Obama sucks taxes from his victims....us.

The ACA created two dozen new taxes. I'm anemic already.

[Howey]

That's an opinion piece based upon gloom and doom. That said, the 529 plan has become a tax haven for the rich, not the poor who just don't have the money to sock away.

Furthermore there's always been a penalty for early withdrawal of the funds and the funds have always been taxed as income when released, so what this does is reinforce the status quo of the plan as instituted by Bush.

[Peter1469]

That's an opinion piece based upon gloom and doom. That said, the 529 plan has become a tax haven for the rich, not the poor who just don't have the money to sock away.

Furthermore there's always been a penalty for early withdrawal of the funds and the funds have always been taxed as income when released, so what this does is reinforce the status quo of the plan as instituted by Bush.

The rich don't need 529 plans. They pay cash for college.

529s are a middle class benefit.

The left will go after retirement plans next.

[PolWatch]

Didn't Bush do something about allowing the auto makers to eliminate their pension plans?

We did have the recent bi-partisan reduction in benefits by Congress for poorly managed pension plans. That was easier than investigating the details of poor management.

[Peter1469]

I think that was bankruptcy court.
Didn't Bush do something about allowing the auto makers to eliminate their pension plans?

We did have the recent bi-partisan reduction in benefits by Congress for poorly managed pension plans. That was easier than investigating the details of poor management.