Posted on 01/27/2015 3:10:11 PM PST by reaganaut1
WASHINGTON — President Obama, facing angry reprisals from parents and from lawmakers of both parties, will drop his proposal to effectively end popular college savings accounts known as 529s, but will keep an expanded tuition tax credit at the center of his college access plan, the White House said Tuesday.
The decision came just hours after House Speaker John A. Boehner of Ohio demanded the proposal be withdrawn from the president’s budget, due out Monday, “for the sake of middle-class families.” But the call for the White House to relent also came from top Democrats, including Representatives Nancy Pelosi of California, the minority leader, and Chris Van Hollen of Maryland, the ranking member of the Budget Committee.
Ms. Pelosi pressed the case to senior administration officials on board Air Force One as she flew with the president from India to Saudi Arabia, according to Democratic aides familiar with the discussions.
“Given it has become such a distraction, we’re not going to ask Congress to pass the 529 provision so that they can instead focus on delivering a larger package of education tax relief that has bipartisan support, as well as the President’s broader package of tax relief for child care and working families,” a White House official said.
The official added that Mr. Obama’s proposed increase in the capital gains tax rate and change to the taxation of inherited wealth would be more than enough money to fund the tax plan.
What to White House economists was a clearheaded assessment of tax fairness has proved to be a cautionary tale for politicians focusing their efforts on the shriveling middle class and trying to overhaul and simplify the tax code.
(Excerpt) Read more at nytimes.com ...
Good! Now if he would just drop all his other plans...
The offense is that he would propose the idea in the first place.
Oops, maybe Bambi found out that all college students dont have an IQ of 42?
And the grab will be replaced with what initiative?
he wants to prevent college choice... just like no child left behind
Well that went south pretty quickly. I wonder if anyone will notice.
we’re not going to ask Congress to pass” ???
with the exception of the Senate Healthcare Bill, CONgress has Not PASSED anything with regards to taxes and budgets that you have proposed. Hell he didn’t even get a single vote from his own party on his last budget ideas/gimmicks, So Why even bring it up??
“I wonder if anyone will notice.”
I think the noticing part already happened. What a maroon to even propose this!
Looks like that Trial Balloon took a direct hit.
Not that being consistent matters to the Dems but it’s hard for them to pretend they are ‘for’ the middle class when at the same time King Obama is taxing the savings set aside for college education. Whoever thought that up should be run out of the country.
Trial balloon from the Balloon Head.
Next, let’s try the nationalization of everyone’s 401k. /s
this was always meant to be dropped to appear like he is compromising.
he never gives up on stuff he really wants.
Probably because it came to light he and his wife put 240K in their own kids’ 529 plans, so the hypocrisy would be too bad to be tolerated by voters.
“First you say you will and then you won’t!..”
Mr. Flip Flop Blowing in the
Wind...
He’s worse than Carter.
It's coming, that's a promise. Have patience!
They all live in Jarrett’s bubble. I wish FReepers could all experience the arrogance and disconnected reality of the Hyde Park liberal.
They cannot run their own lives, but they’ll run yours.
Jarrett cannot even stay married she’s so nasty.
For an administration who say they’re all about education it was a stupid proposal to begin with. Which is to say it was par for the course for the Obama White House.
I can see them coming after the Roth IRA’s too. They’ll try to tax distributions from those, you can bet on it. They’ll be looking everywhere in order to fund the gargantuan government which is growing ever so larger.
In their minds, it’s THEIR money, not ours. They parcel out to us whatever money they see fit for us to have.
Good point. It seems like they exist to extract everything they can from you, even to the end of life, and then from your estate.
We are not as free as we think.
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