Middle class tells Obama to back off on taxing college savings. Obama gets a clue.

Obama speaking cc

Looks like people didn’t like that idea too much. I wonder why?

I mean I think it’s great that Obama thought it was a swell idea to take money from my family explicitly allocated for the education of my children and to transfer it to someone else. Mind you, this is money I have to put aside because boneheaded federal policy has artificially inflated the cost of college and padded the bottom lines of the university industry. Why should I have a problem with that? Why should America have a problem with that?

This community college proposal is nothing but a works program for “academia” which will only further water down the value of a college education.

From Mediaite

The White House balked on a proposed tax on college savings plans, known as 529s, Tuesday after bipartisan criticism over the proposal.

“Given it has become such a distraction,” a White House official said, “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.”

Click here for the article.

Glad the president thought better. He needs to rethink a lot of things.