529 plans are actually tax breaks for middle class families.
Rich people don’t due 529, or rather don’t need to.
We will see.
I’m betting that someone in the ‘rat party, particularly in the Obama admin, did a demographic study of who has 529’s and came to the conclusion that repealing this tax break is another way to “get YT”.
Someone just try to refute that assertion!
Entirely agree. What the left defines as ‘rich’ is beyond comprehension. Rich, are those people who can pay to dine with the Obamas at $25,000/plate or more without thinking twice about it. Rich means you fly on NetJet, and can shop at Tiffany's without asking what the price is. This is a definition that fits many ‘treasured’ Democrat donors, including the Hollywood crowd. If these people put money in a 529, it's probably because their accountants spend their time finding every possible tax shelter - not because they have to worry about how they are going to pay for the children's education.
I grew up in a 700 sq/ft house and my father didn't finish high school. He worked hard, my mother worked, and I worked hard to get a professional education. I am fortunate, and I do OK, but am clearly not rich. I have taken maybe six weeks total vacation in the past 10 years, and I don't care about buying ‘stuff’ just to have it. These are my choices, and another choice I made was to put money away in a 529 for my child's education, and the only thing this money will ever be used for is that. Now they want to tax that? How and why am I an elitist rich guy that needs to ‘pay my fair share’? What is it with these people? Why should I not be able to make a personal choice to do what I think is best for my children?
The left’s idea of fairness is to punish those who've made good choices, and to pour hot oil down onto those who have endeavored to try climbing the wall to a better life.
“Rich people don’t due 529, or rather don’t need to.”
Yes, they do. Due to the higher income tax rates for higher earners the tax saving is absolutely needed. When you are paying 42.5% or more in income taxes the 529 plan is very much needed since college now costs over $100,000 for good schools or adding a Master’s or Doctorate. In fact, many Doctorate programs are well past $250,000. That is about a $200,000 tax savings for higher income people.