First Posted: 1/28/2015
WASHINGTON — After President Barack Obama announced he would drop his proposal that would have increased taxes on various college savings plans, U.S. Rep. Bob Latta, R-Bowling Green, agreed with his decision.
Latta said the proposal was “misguided” and would have “hurt hard working middle class Americans who are trying to send their children to college.”
“Now is the time to empower American families. I encourage the President to continue to listen to the American people and abandon his outdated, top-down policies and instead focus on ways we can create jobs and grow our economy.”
According to The Associated Press, Obama’s plan would reduce the tax benefits of future contributions to the popular 529 college savings plans. Current accounts would have been grandfathered, so existing funds could still grow and be withdrawn, tax-free.
