Posted on 01/22/2015 9:28:16 PM PST by Steelfish
The First Family’s 529 Windfall
The large contributions the Obamas have already made won’t be taxed. If there’s any silver lining in the President’s plan to end the major tax benefit of saving for college, it’s that at least he’s not talking about taxing money that’s already been saved. This aspect of the Obama plan is particularly valuable to people like, well, Barack Obama.
As we noted on Thursday, the President wants to allow the Internal Revenue Service to begin taxing distributions from so-called 529 plans, even if they are used as intended to fund legitimate educational expenses such as college tuition. The Obama...
(Excerpt) Read more at wsj.com ...
Just a little more “Do as I say, not as I do” from the Hypocrite in Chief.
Indiana had a college program, where you could buy college credit hours at that day’s price, then use the credits at any state-supported school when the kid got older.
So many people took up the offer that the state realized they were looking at a problem, and ended the program some years ago, replaced with the College Savings Program.
I put my daughter through Purdue’s most expensive program at about a 40% total discount. She graduated with NO DEBT, and is doing pretty well a year out.
Beyond the assured bankster profits, the Dems NEED these kids in debt slavery, so they keep dangling carrots to them for voting Dem, and being free campaign labor,
Since other threads tonight are talking about Hillary raising an enormous amount of cash for a presidential campaign (e.g. ($1.5 billion), much of it from high rollers, I propose that we tax all campaign contributions (above the current individual contribution limit) at 70%. Also, since media ‘airtime’ is essentially free advertising for politicians, I would count the value of that airtime as taxable income. I would also add the value of all the perks those in office get as part of their taxable income.
Rush Limbaugh nailed this. He said, when it was first let out that oBama was proposing to make community college free, that it merely a gimmick to offset the fact that he was about to take so much away with tax increases.
...the President wants to allow the Internal Revenue Service to begin taxing distributions from so-called 529 plans, even if they are used as intended to fund legitimate educational expenses such as college tuition...Well of course! In his defense, let me note that this is one way to keep "free community college" revenue-neutral, and it also helps address the issue of white privilege.
i won’t continue to contribute to my kids’ 529B plans if it will be taxed to fund some slackers community college social justice studies.
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