MIDDLE CLASS TAX HIKE: You know that “tax-free” 529 college plan? Obama wants to tax it. “By definition, these accounts are really only used by middle class families. Poorer households don’t have the extra income to save (and even if they have a little, there are much higher priorities like retirement or saving for a home). Very wealthy families might use 529 plans, but it’s far more likely that they have complex trust arrangements set up for their children. . . . Note that this is right before they also announce the repeal of Coverdell Education Savings Accounts (Coverdell ESAs), another similar move against the same middle class savings targets.”
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