The optics were not too good for robbing the hardworking, taxpaying parents who actually saved for their kids’ college educations, so Obama is backtracking.
It’s getting more difficult to sell people on the concept of “redistribution of wealth,” when you’re robbing the middle class. Oh, and Obama has that pesky little problem that he VOTED FOR THIS PROGRAM!
As the New York Times reports:
President Obama, facing angry reprisals from parents and from lawmakers of both parties, will drop his proposal to 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 The decision came just hours after House Speaker John A. Boehner of Ohio demanded the proposal be withdrawn from the president’s budget, due out Monday, “for the sake of middle-class families.”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.
Just so we are clear on what Obama wanted to do, he wanted to tax the accounts of parents doing all they could to save (tax free) for their children’s education, so he could use those funds to give FREE college to the so-called underprivileged.
As if the underprivileged have no opportunity to do this for themselves; as if the people saving in the 529 accounts are the privileged.
How many politicians do you believe have 529 accounts for their kids. How many rich fat cats have these accounts?
These accounts ARE the accounts of the underprivileged, as in those underprivileged enough to have to get up and work their butts off every day to afford to keep politicians in their lives of luxury.