The Year Obama Tried To Kill Your 529 College Savings Plan

At the start of 2015 President Obama had a goal: use the blunt force of taxation to effectively kill 529 college savings plans.
With great pride, Americans from all walks of life rely on 529 accounts to help put their kids, grandkids, nieces and nephews through college. Earnings grow tax-free and distributions are tax-free provided the funds are used for qualified college expenses. But this year Obama decided it was time to tax the earnings in 529s while pushing people toward a government program designed by his administration’s best and brightest central planners.

The Year Obama Tried To Kill Your 529 College Savings Plan - John Kartch - Page 1

obama always on the outlook to tax everything since you did not build that or make that money once again failed to take over everything he goes after. I have heard financial planners say it is not a good thing to put money aside for college while building your assets for your old age.

The same can be said of other plans that are not taxed or are tax deferred in which the government in its greed for more money wants to confiscate.

As an old guy I know that while we are called the idle rich in reality our assets can go quickly from having to maintain, replace, or support younger members of the family who can not find work in this economy.

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Yes, I’ve been watching this. I have such an account for my child. 0bama wants everyone totally dependent upon the government for everything and this is one piece of the goal.

People who are able to save in such a way usually aren’t rich. They are middle class people needing to stash away money so that their children can actually go to college. Middle class workers are not able to do so without saving. If they don’t, their children usually end up not going at all. They make too much money for their children to get any kind of financial aid. The end result is that middle class people work their whole life to send some else’s children to school via taxation while their own kids are not able to go. Now, 0bama wants to remove one of the best mechanisms that they are allowed to have.

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Now obama wants your 401(k)

Two years ago, as WND reported, the Obama administration was proceeding with a novel way to finance trillion-dollar budget deficits by forcing IRA and 401(k) holders to buy Treasury bonds by mandating the placement of government-structured annuities in their retirement accounts.

Remarkably, those financial professionals specializing in private retirement savings and the U.S. citizens investing in private retirement plans now face the possibility the Obama administration and its allies on the political left will impose rules and regulations that effectively abolish the private retirement savings and investment markets.

Recent evidence suggests government officials continue to eye the multi-trillion dollar private retirement savings market, including IRAs and 401(k) plans, eyeing the opportunity to redistribute private retirement savings to less affluent Americans and to force the retirement savings out of the private market and into government-controlled programs investing in government-issued debt.

Read more at Now Obama wants your 401(k)

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The handwriting is on the wall:

Tax and move towards ultimate control of college savings programs.

Eliminate private student loans and convert to a government monopoly.

Ultimately dictate what school your children will attend and what they will major in to satisfy the needs of government.

Of course those in the loop of the government gravy train (in the public or private sector) will still be capable of self-funding and sending their kids wherever they please, and go to the Mayo Clinic in Dubai and live happily ever after.

PS I have been telling friends for years that they are delusional to think that their Gold IRAs are safe from the government.

Just remind your friends that all that is needed for rape to become legal is a positive vote by the legislature.
Moral? NO; legal, YES!

This is true only in a pure democracy which we thankfully do not yet live in. And your point is?

Remember there have been calls to outlaw home schooling and even tell schools what they can teach including religion. That means schools that are christian are forbidden from teaching their religion. The military is forbidden to preach christian doctrine. Think about it.

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