President Was Right to Retreat on Taxing College Education Savings Plans
WASHINGTON, D.C. – U.S. Senate Majority Leader Mitch McConnell made the following remarks on the Senate floor regarding the President’s decision to drop his proposal to end tax relief on 529s:
“I’m glad to see the President has dropped his plan to make it harder for middle-class families to save for college with 529s. I fought to ensure these plans were tax-free at the federal level. Thanks to this incentive to save, millions of Americans use 529s to help prepare for college expenses.
“These are good plans that promote responsible savings. I’m not sure why President Obama would have sought to undermine them in the first place. It’s just good to see the president coming around to Republicans’ pro-middle class view in the end.”
Related Issues: Education, Middle Class