President Obama has dropped his proposal to tax 529 accounts. Those are the IRA-like accounts that parents and grandparents can use to save, tax free, for the education of their children and grandchildren. Part of Obama's latest plan to "help" the middle class" was a proposal to tax these 529 accounts, a move which would increase the cost of education and break a promise of many, many years that the accounts would be usable to send the kids to college. Needless to say, this was not a move that would actually help the middle class; it was, rather, a move designed to make private action to pay for college harder so that government assistance would be more necessary. Obama's proposal was met with outrage among both Republicans and some Democrats.
Given that the proposal was put forward in the State of the Union speech, it did not take long for Obama to retreat out of the line of fire. One has to wonder who in the administration came up with this ridiculous idea and how Obama ever agreed to put it forward. My guess is that Obama really paid no attention to it and some moron in the West Wing ran a focus group that did not understand the real impact of the proposal with the result being that those in the group approved.
America really needs a serious president.
Given that the proposal was put forward in the State of the Union speech, it did not take long for Obama to retreat out of the line of fire. One has to wonder who in the administration came up with this ridiculous idea and how Obama ever agreed to put it forward. My guess is that Obama really paid no attention to it and some moron in the West Wing ran a focus group that did not understand the real impact of the proposal with the result being that those in the group approved.
America really needs a serious president.
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