President Obama Drops Proposal To Cut Tax Breaks For College Savings Plans [VIDEO]

(AP Photo/Mandel Ngan, Pool)
(AP Photo/Mandel Ngan, Pool)

President Obama has scrubbed a plan that would have increased the cost for parents to send their children to college.

FOX News Radio’s Rachel Sutherland reports:

The President wanted to end tax advantages for so-called 529 college savings plans, but the White House dropped the proposal after scathing criticism.

(Boehner) “The President’s prescriptions for the ailment of income inequality have actually made things worse.”

House Speaker John Boehner and House Minority Leader Nancy Pelosi actually agreed the plan was a bad idea, concerns about the impact on the middle class.

Late yesterday , a White House officials said “Given it has become such a distraction, we’re not going to ask Congress to pass the 529 provision”.

In Washington, Rachel Sutherland, FOX News Radio.

WATCH for more on this story: 

You May Be Interested In...