Saturday, January 24, 2015

Obama wants to tax 529 plans, 53% of which are owned by those making less than $100k

So reports The Wall Street Journal here about Obama's latest attack on the middle class:

"The average account balance [of 529 plans this June] was $20,671. ... The Investment Company Institute, trade group for the mutual-fund industry, says that in 2013 households saving for college through 529 plans, Coverdell ESAs, or mutual funds held outside these accounts tended to be headed by people younger than 45. And 49% of these heads of household had fewer than four years of college. A majority of these households, 53%, earned less than $100,000."