However, in reading the article, I could almost believe that I'm one of those evil rich bigoted white people, laughing maniacally while propping my feet up on the backs of the poor, oppressed, and trodden-down. :-)
Lesson learned: You can start investing in a tax free plan that takes up to 20 years to be realized, and find out ten years in it wont be tax free anymore.
529 plans are actually tax breaks for middle class families.
Rich people don’t due 529, or rather don’t need to.
YEP...amazing how the commies move the goal posts...from helping the low-income/middle class to “estimating” that recipients earn $150k or more! What a joke!
If you did a poll over this...actual participants...I think ninety percent would be in the $40k to $100k range. You will find few if any people making less than $30k a year who participate in this. And I doubt that you find anyone who makes over a million a year who participates.
I worked with a guy who was military and his wife GS....put up 529 for both kids....had fair sum of money as kid #1 got to eighteen...and the kid joined the Air Force. Four years later, kid #2 graduated from HS and got a scholarship.....so she didn’t need it either.
If you did a poll over this...actual participants...I think ninety percent would be in the $40k to $100k range. You will find few if any people making less than $30k a year who participate in this. And I doubt that you find anyone who makes over a million a year who participates.
I worked with a guy who was military and his wife GS....put up 529 for both kids....had fair sum of money as kid #1 got to eighteen...and the kid joined the Air Force. Four years later, kid #2 graduated from HS and got a scholarship.....so she didn’t need it either.
1.) Obama has now lowered "the rich" from $250K to $150K. It is not difficult for a two income family to make over $150K per year.
2.) Let's assume rich only use these plans, the government's answers is to penalize the families and break a promise. One would logically think, what can we do to make 529 more appealing to middle class. The big problem with these plans is they are not transferable from state to state.
Pretty soon "rich" will equal "employed"
One key aspect is that they are like prepaid cards at your favorite store: they have you setting aside your money and earmarking it for spending on college.
The sheeple then really want to get their kids into the elites’ university system for brainwashing and training - because they’ll pay tax penalties if they don’t.
It’s a boost to the revenue of the elites’ university system. Once the money is set aside, the incentive is there to send the kid, even if circumstances change from when the saving began, and the kid thinks they want to do something else.
Of course for those in higher tax brackets - even the elites themselves - who certainly plan all along on sending their kids to the elite school of their choice, well, it is yet another tax deduction for them.
The poorer sheeple, even if they could take advantage of various tax deductions, generally have a lack of financial sophistication that causes them to simply ignore their options. And if the poor sheeples’ kids do manage to get to college, voila ! They’re in the elites’ indoctrination / training system anyway. So even though they may “better themselves” and rise higher than their parents and ancestors, they’re still serving the elites and are blissfully unaware that they are.
Silly sheeple.
Instead of vilifying the rich for using this tool, why aren’t liberals running public service announcements anymore like they used to for 529 plans to educated the lower income people to use the 529 plans?
Why are liberals so against people using their own money instead of using government loans for their education?
>$150K income and >$450K assets is not, on any level, rich...
This is nothing more than redistribution. Period.
Meh. I don’t see why the government should be in this school business in the first place. There’s no reason there should be any kind of complications within tax law allowing for some income to be not taxed simply because it’s put into a certain kind of savings account, other income to be taxed at one rate, yet more income to be taxed at another. If we eliminate all these tax breaks and subsidies and fees and penalties and whatnot, we could eliminate a huge source of the corruption in politics on both the Repub and Dem side.