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Posted: 1/20/2015 7:51:00 PM EST
[Last Edit: 1/20/2015 7:51:20 PM EST by vaguy]
link

President Barack Obama is expected to propose a major change to 529 college-savings plans—removing a tax benefit that has attracted parents to these investment vehicles for years.

The president’s State of the Union address Tuesday night is expected to include a long list of proposed tax changes. Among them: no longer allowing earnings on new contributions in 529 plans to be withdrawn tax-free.

If that became law, it would be a major revision to 529 plans, and plan experts say such a change would likely result in contributions to these plans declining substantially. “Contributions would dry up in 529 plans,” says Joe Hurley, founder of Savingforcollege.com, which tracks 529 plans. Over time, as families withdraw the dollars they have stashed in these plans in order to pay college bills, he says the plans might “have a difficult time even staying in existence.
View Quote


Even better, the withdraws will be made at your INCOME tax rate, not long term capital gains.

Thus, driving up your income, thus removing your ability to get grants or aid.

Link Posted: 1/20/2015 7:53:05 PM EST
... such a change would likely result in contributions to these plans declining substantially.
View Quote

Do tell.
Link Posted: 1/20/2015 7:54:52 PM EST
That cocksucker can "propose" whatever he wants.

Lets see him get it passed.

Link Posted: 1/20/2015 7:55:02 PM EST
Of course he is going after it. He wants people dependent on the government to provide them a free college education. He can't do that if people work hard, save money, and pay for things themselves.
Link Posted: 1/20/2015 7:55:49 PM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By midmo:

Do tell.
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Discussion ForumsJump to Quoted PostQuote History
Originally Posted By midmo:
... such a change would likely result in contributions to these plans declining substantially.

Do tell.


Why invest if the benefits are gone?

They are doing exactly what they are planning,
Link Posted: 1/20/2015 7:57:20 PM EST
Why would anyone save for college. Obungwo is getting ready to make it free. Free shit all the things!
Link Posted: 1/20/2015 7:59:07 PM EST
IRAs are next.
Link Posted: 1/20/2015 8:02:03 PM EST
FBHO
Link Posted: 1/20/2015 8:02:26 PM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By Cpt_Kirks:
That cocksucker can "propose" whatever he wants.

Lets see him get it passed.

View Quote

Yup.

FBHO.
Link Posted: 1/20/2015 8:02:41 PM EST
Who cares? After tonight it'll be free.
Link Posted: 1/20/2015 8:03:39 PM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By DragoMuseveni:
IRAs are next.
View Quote

IRAs are for (government) seizing.
Link Posted: 1/20/2015 8:03:39 PM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By Cpt_Kirks:
That cocksucker can "propose" whatever he wants.

Lets see him get it passed.

View Quote

Yep, not gonna happen.

It's fucking irritating though.
Link Posted: 1/20/2015 8:11:03 PM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By 4v50:

IRAs are for (government) seizing.
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Discussion ForumsJump to Quoted PostQuote History
Originally Posted By 4v50:
Originally Posted By DragoMuseveni:
IRAs are next.

IRAs are for (government) seizing.


And insurance proceeds and lowering minimums on estates are what I expect in my lifetime
Link Posted: 1/20/2015 8:11:37 PM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By Rugerlvr:

Yep, not gonna happen.

It's fucking irritating though.
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Originally Posted By Rugerlvr:
Originally Posted By Cpt_Kirks:
That cocksucker can "propose" whatever he wants.

Lets see him get it passed.


Yep, not gonna happen.

It's fucking irritating though.

You're banking on Boehner and crew to look out for you?
Link Posted: 1/20/2015 8:13:17 PM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By Cpt_Kirks:
That cocksucker can "propose" whatever he wants.

Lets see him get it passed.

View Quote


Some proposals may get passed. Be ever vigilant of our elected ones.
Link Posted: 1/20/2015 8:13:23 PM EST
Community college for all . Because students aren't learning enough in high school.
Link Posted: 1/20/2015 8:14:52 PM EST
wow fuck you Obama. i've been saving for my future kids education and you do this shit?

and you propose giving your POS voter base free two years of fucking community college?
Link Posted: 1/20/2015 8:14:58 PM EST
BTW, every time (since the Reagan era) the Govt. talks about increasing taxes on the rich, it always results in a reduction of write-offs for the middle class.
Link Posted: 1/20/2015 8:15:15 PM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By vaguy:


Why invest if the benefits are gone?

They are doing exactly what they are planning,
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Discussion ForumsJump to Quoted PostQuote History
Originally Posted By vaguy:
Originally Posted By midmo:
... such a change would likely result in contributions to these plans declining substantially.

Do tell.


Why invest if the benefits are gone?

They are doing exactly what they are planning,

Yah, I know. I was just too lazy to dig up a Captain Obvious gif.
Link Posted: 1/20/2015 8:19:00 PM EST
I thought the jug eared a$$hole is supposed to discuss how he wants to help the middle class...you know, the class that tries to save for their kids' college? Sounds like he's looking to do just the opposite.
Link Posted: 1/20/2015 8:22:43 PM EST
Seriously doubt it.
Link Posted: 1/20/2015 8:33:08 PM EST
[Last Edit: 1/20/2015 8:34:33 PM EST by Ibn_Huq]
Robbing Peter to pay for Shemeka again I see.

The 529 has a sunset coming up any how (iirc),which is why I never bought in when my kid was born in 03.
I expected Uncle to renege before I needed to use one in '21.

Buy a second property and reverse mortgage or HELOC one to pay for school, they'll fix that way out too eventually I am sure.

Link Posted: 1/20/2015 8:37:16 PM EST
Punish the responsible, reward the irresponsible until all are truly "equal". That's been his goal all along, he told us that's what he wanted, he TOLD US what he wanted to do. And fuckers still voted for him.

Let him preach this idea and let the middle class see for their own eyes and ears what Obama and democrats intend to do.
Link Posted: 1/20/2015 8:38:33 PM EST
[Last Edit: 1/20/2015 8:39:55 PM EST by JIMBEAM]
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By Keith_J:
Community college for all . Because students aren't learning enough in high school.
View Quote



I visited my friend at a CC. It was a lot like high school include students disrespecting instructors.
Link Posted: 1/20/2015 8:40:37 PM EST
All his crap is DOA. Since he is basically a lame duck, for the next two years you will A) see him paint the GOP as the party of no and B) see Boehner cry and give in.

F them all.
Link Posted: 1/20/2015 8:41:45 PM EST
As someone who has already invested tens of thousands of dollars in two 529 plans, I am going to be royally pissed if this passes. Even if it only affects gains on future deposits (which is an accounting nightmare in itself).

Expect them to try to expand it to ALL gains, regardless of when the contributions were made, if they get this passed. Then expect them to chip away at tax-advantaged retirement accounts.

This is the kind of thing that causes shooting wars if it gets far enough.
Link Posted: 1/20/2015 8:42:33 PM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By spidey07:
Punish the responsible, reward the irresponsible until all are truly "equal". That's been his goal all along, he told us that's what he wanted, he TOLD US what he wanted to do. And fuckers still voted for him.

Let him preach this idea and let the middle class see for their own eyes and ears what Obama and democrats intend to do.
View Quote


There are a lot of fuckers who want their free shit. Welcome to the new America.
Link Posted: 1/20/2015 9:21:00 PM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By Dixie2009:
I thought the jug eared a$$hole is supposed to discuss how he wants to help the middle class...you know, the class that tries to save for their kids' college? Sounds like he's looking to do just the opposite.
View Quote

He wants to help the middle class become dependent on the government, which is why he is pushing for "free college". Just like he wanted the middle class dependent on the government for healthcare which is why he pushed for "free healthcare". Raise the cost on the hard working middle class until they have no choice but to take the government subsidized option. The median income of the country has dropped 3% since Obama took over. Why do you think that is?
Link Posted: 1/20/2015 9:22:03 PM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By Keith_J:
Community college for all . Because students aren't learning enough in high school.
View Quote


Those Community Organizers are not going to educate themselves.

Link Posted: 1/20/2015 9:24:47 PM EST
The cocksucking faggot can propose whatever he wants. He doesn't pass bills. Good luck passing them with a R controlled house and senate.
Link Posted: 1/20/2015 9:30:01 PM EST
Obama is fucking clueless fucking mother Kenyan
Link Posted: 1/20/2015 9:32:58 PM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By Cpt_Kirks:
That cocksucker can "propose" whatever he wants.

Lets see him get it passed.

View Quote


Pshhh .... he just passed it.

Fuck congress.... Barry O is above the law.
Link Posted: 1/20/2015 9:35:47 PM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By bigshooter81:


Pshhh .... he just passed it.

Fuck congress.... Barry O is above the law.
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Discussion ForumsJump to Quoted PostQuote History
Originally Posted By bigshooter81:
Originally Posted By Cpt_Kirks:
That cocksucker can "propose" whatever he wants.

Lets see him get it passed.



Pshhh .... he just passed it.

Fuck congress.... Barry O is above the law.



Explain. Otherwise you can freely admit you don't know wtf you are talking about.
Link Posted: 1/20/2015 9:38:43 PM EST
I am starting to think the only way to get ahead is to start stashing random 5's,10's, and 20's in an ammo can under the bed.
Link Posted: 1/20/2015 9:39:05 PM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By midmo:

Do tell.
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Discussion ForumsJump to Quoted PostQuote History
Originally Posted By midmo:
... such a change would likely result in contributions to these plans declining substantially.

Do tell.


529's put after tax money in the account, let it grow, use it for qualified college expenses, you pay no taxes on those earnings.

If 529's get the boot, coverdale's may become more popular again.
Link Posted: 1/20/2015 9:39:33 PM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By SWIRE:
The median income of the country has dropped 3% since Obama took over. Why do you think that is?
View Quote

Oh, it gets better. It took $1000 in 2014 to buy what $909 would buy in 2008.

Alabama had a PACT state run program to make college "affordable." Knowing the state couldn't fix a one horse race we declined and just opened equity accounts for our two yoots. Did the Form 8615 Kiddie Tax dance for years, put them thru. Predictably, the PACT program imploded with the last financial meltdown, some parents got screwed.

The rules have changed now, it might make sense to consult a CPA, but I think solo is still the way to go.
Link Posted: 1/20/2015 9:40:14 PM EST
I guess IRAs and 401(k)s will be next.

Fuck the govt.
Link Posted: 1/20/2015 9:41:27 PM EST
Originally Posted By vaguy:
link

President Barack Obama is expected to propose a major change to 529 college-savings plans—removing a tax benefit that has attracted parents to these investment vehicles for years.

The president’s State of the Union address Tuesday night is expected to include a long list of proposed tax changes. Among them: no longer allowing earnings on new contributions in 529 plans to be withdrawn tax-free.

If that became law, it would be a major revision to 529 plans, and plan experts say such a change would likely result in contributions to these plans declining substantially. “Contributions would dry up in 529 plans,” says Joe Hurley, founder of Savingforcollege.com, which tracks 529 plans. Over time, as families withdraw the dollars they have stashed in these plans in order to pay college bills, he says the plans might “have a difficult time even staying in existence.
View Quote


Even better, the withdraws will be made at your INCOME tax rate, not long term capital gains.

Thus, driving up your income, thus removing your ability to get grants or aid.

View Quote


This is probably how he plans on funding his other plan... the one about getting free community college for 2 years.
Link Posted: 1/20/2015 9:50:49 PM EST
Grrrreat.
Link Posted: 1/20/2015 9:54:32 PM EST
Just wait till they start fucking people with Roth IRA's. Oops, now they're NOT tax free at withdrawal.
Link Posted: 1/20/2015 9:56:52 PM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By lokifox:
FBHO
View Quote

Link Posted: 1/20/2015 9:58:01 PM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By Keith_J:
Community college for all . Because students aren't learning enough in high school.
View Quote


10 years ago, students in my BCIS class asked, 'What's a footnote?"

Now, they ask, "How do I save my work?"

The amount of actual 'work/learning' that is done in HS is pathetic.

TRG

Link Posted: 1/20/2015 9:58:36 PM EST
Obama is a lame duck. I don't know why people think he can do whatever he wants.

Link Posted: 1/20/2015 9:59:13 PM EST
More comments in the thread from earlier today

dupe
Link Posted: 1/20/2015 10:06:34 PM EST
Savings plans? IRAs?

What part of BUY STOCKS don't you understand?
Link Posted: 1/20/2015 10:06:34 PM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By armoredsaint:
wow fuck you Obama. i've been saving for my future kids education and you do this shit?

and you propose giving your POS voter base free two years of fucking community college?
View Quote



It's the trend...
Link Posted: 1/20/2015 10:07:46 PM EST
Well, this won't pass, but now you know how they think. Prepare your ROTH accordingly. They'll get it done eventually. Now you know.
Link Posted: 1/20/2015 10:12:36 PM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By dbrowne1:
As someone who has already invested tens of thousands of dollars in two 529 plans, I am going to be royally pissed if this passes. Even if it only affects gains on future deposits (which is an accounting nightmare in itself).

Expect them to try to expand it to ALL gains, regardless of when the contributions were made, if they get this passed. Then expect them to chip away at tax-advantaged retirement accounts.

This is the kind of thing that causes shooting wars if it gets far enough.
View Quote


Getting time to start using the bank of mattress.
Link Posted: 1/20/2015 10:17:54 PM EST
I never wanted to involve the government in me saving my my kid's college. I get enough government as is.
Link Posted: 1/20/2015 10:24:45 PM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By Ibn_Huq:
Robbing Peter to pay for Shemeka again I see.

The 529 has a sunset coming up any how (iirc),which is why I never bought in when my kid was born in 03.
I expected Uncle to renege before I needed to use one in '21.

Buy a second property and reverse mortgage or HELOC one to pay for school, they'll fix that way out too eventually I am sure.

View Quote

Bingo. I'm planning to use a Roth IRA or bonds taxed at long term capital gains to pay for my kid's college. I don't trust 529 plans because liberals like Obama thing they're "unfair". In fact, I'm a little nervous about Roths for my own retirement, because I expect leftists to attack them too when social security hits the fan.

They hate the middle class and all the sacrifices we make to help our own kids.
Link Posted: 1/20/2015 10:30:15 PM EST
Discussion ForumsJump to Quoted PostQuote History
Originally Posted By Molotov357:
Obama is a lame duck. I don't know why people think he can do whatever he wants.

View Quote

hell i think HE still thinks he can do whatever he wants.
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