Obama gets slapped on 529 Accounts
I was really surprised that last week Obama proposed gutting college savings 529 accounts, presumably because the majority of the benefits of tax-free growth go to the wealthy (since they are the ones who can afford to put money into these types of accounts, and have the most to save on taxes as they are in higher tax brackets). He presented this as a way to shift more tax burden to the wealthy. But by that same reasoning we should also abolish IRAs (especially Roths) and 401k plans, because those who make more money are better able to take full advantage of them. Think of the uproaor if he had proposd that! Anyways, thankfully the Dems in Congress pushed back, hard, and so now it's dropped after just one week. Clearly this was not well thought out.