The odds of this gimmick ever happening? Less than 10-percent chance. And if they were stupid enough to pass it....they’d come back within five years to reinvent the original way they did it with no taxation.
Hard to figure what someone told him, and how he came to grasp it....but 529 is basically an entirely middle-class tool. No one making mega bucks would do it, and those on marginal incomes would not make enough to ever develop it into something that would help.
Ah, NYT. This is like saying that purse-snatching is an attempt to lighten Granny's load.
529 Ping
What’s new??? Everything King Putt touches turns to $hit.
A caller on Hannity’s show, yesterday, said she’s researched 0bola’s 529 proposal and that (as usual) the savers - you know, the ones who work and save for their kids’ college - will be penalized (taxed) for withdrawing these savings....and hit with a capital gains tax.
So much for being responsible and actually saving for your kids’ college. We can’t be having any of that in 0bolaland. Everyone must suffer equally...except those who qualify for minority loans, etc.
this was part of a wishlist for the 2016. They’ll poll these topics and see what hillary has to promise to get out the vote.
“529s” were a good idea, with real benefits for parents. But 0 can’t have it that way. It’s “UNFAIR” for those rich White folk to get the benefit while all those poor ‘oppressed’ folk don’t.
So he wants to take money that people have earned and saved honestly and give it to lazy listless slobs who can’t speak English properly.
That man is a disaster for this country.
Talk is cheap. Free college for all, not so much.
If that surprises you, you aren't paying attention.
This is exactly why I hate putting savings into accounts that have strings attached. It is only a matter of time until some greedy politician adds up the money in all these accounts.
I find it laughable that this is an effort to simplify the tax code. They go on to detail tax credits with all sorts of rules. What is simpler that having non taxable income declared on a tax form?
Is this 529 proposal a trial balloon for 401K’s? IRA’s? Roth’s?
I used a 529 for both my kids, Got audited EVERY year a used money from the accounts.
How does adding another tax simplify the tax code?
Let’s tax saving for college so we can pay for college...
Another reason to add to the list to implement a (a modified) Fair Tax/consumption tax; get away from the immoral (and, IMHO, unconstitutional) income/tax nightmare!!
529 = White Privilege, according to Obama.
Funny how whenever the NY Slimes reports on an issue that makes Obozo look like the kleptocratic tinpot dicktater he is, they forego a comments section for the article.