Like most policy initiatives put forth by President Obama, including his signature legislative achievement ObamaCare, it doesn’t take much effort to discover the hidden wealth-redistribution angle.
After announcing his latest “freebie,” two years of community college on Uncle Sam’s borrowed dime, Obama said he would be raising taxes on the 529 college savings program, The Washington Free Beacon reported.
The 529 accounts are used by more than a million middle-class families as a tax-free way to send their kids to college — the median income of these families is just $140,000 a year, according to the Free Beacon.
So much for Obama’s “firm pledge” that “no family making less than $250,000 a year will see any form of tax increase.”
(Although, ObamaCare already blew that out of the water.)
But don’t worry, White House Press Secretary Josh Earnest has a solution for parents worried about paying for their kids education while taking on a tax increase.
The White House suggested parents send their kids to “free” community college for two years and then use whatever money the government leaves behind in their 529 account after getting its cut to pay for the remaining years at a four-year university.
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