The swift death of Obama’s administration’s proposal to end tax breaks for college savings accounts offers a lesson on the difficulty of defining the boundaries of the middle class.
Less than a week after the president proposed ending the tax-free status of college savings accounts known as 529 plans, he withdrew the proposal, and a White House official said that it had become “such a distraction.”
Republicans were already opposed to most of the proposals Obama made during his State of the Union Address, but they saved particular spite for the plan to end 529 accounts.
Speaker John Boehner (R-Ohio.) took time to promote a bill introduced early this week by Rep Lynn Jenkins (R-Kan.) to expand and strengthen 529 saving accounts.
