Yesterday’s blog item about Barack Obama’s wanting to tax college savings accounts lasted one day, reports Breitbart:
Facing strong opposition from parents and both political parties, Barack Obama is abandoning plans to tax college savings accounts, also called 529s.
In making the announcement, the White House also said it will “keep an expanded tuition tax credit at the center of his college access plan.”
The decision came just hours after Speaker John A. Boehner of Ohio demanded that the proposal be withdrawn from the president’s budget, due out Monday, “for the sake of middle-class families.”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.
While the WH sought to portray the initial plan as taxing the wealthy to benefit the middle class, analysis indicated that a large number people who are far from “wealthy” were benefiting from the ability to put money away for their children’s higher education without fear of it being taxed.
Both current House Speaker Republican John Boehner and former Speaker Nancy Pelosi came out against Obama’s initial plan.The New York Times reports:
The contretemps over college accounts held broader lessons. For one, tax reform and “simplification” have great appeal in the abstract, but many specific provisions of the tax code have large and vocal constituencies. In addition, Americans’ concept of the middle class is far more elastic than that of economists.
“That’s as middle class as it gets,” Representative Marlin Stutzman, Republican of Indiana, said of 529 college accounts.
Which prompts the Chicks on the Right to observe:
Gee…the whole “demonize the wealthy thing” didn’t work out for him this time…since it’s MIDDLE CLASS PEOPLE who are actually being demonized. Too bad it’s taken SIX FREAKING YEARS for some of the lobotomized lemmings out there to wake the heck up.(Insert eyeroll here that can stab my brain.)Because that’s obviously what it takes. Getting people RIGHT in their wallets.You know what this has shown me?That every single person in this country should have to WRITE A PHYSICAL CHECK every month for their taxes. None of this ridiculous have-taxes-taken-out-automatically crap. No way. Every American should have to WRITE A CHECK. Every month. To the government. If everyone had to physically do that, and we were all completely aware of what we had to pay out of our paychecks every single month…we had to PHYSICALLY WRITE THE CHECK TO THEM – Republicans AND Democrats – I bet folks would be voting waaaaay differently at the polls. Because let’s face it – it was both parties that came together on this 529 thing and said, “HELL NO!”They both took a conservative approach on this, y’all. They came together and said “UP YOURS” to the government. And that’s a beautiful thing.I bet that if folks had to physically write a check every month for their social security, FICA, and everything else in between, we’d start seeing a major change of political affiliation by some folks in this country. I stand by that bet. Because conservatives are the party of fiscal responsibility and LESS GOVERNMENT. LESS TAXATION. But people are too distracted by social issues – because liberals are masters of distraction, as you well know.If people had to write the checks instead of having taxes taken out automatically, they’d have to think about it. It’d be more painful. There’d be no out-of-sight, out-of-mind. Their wallets would be visually affected every month. They’d SEE it. (You know, like the rest of us who are already painfully aware and already vote conservative).
Leave a comment