The Obama Administration should embrace efforts to expand 529 college savings accounts. Here are three ideas how.
In the face of popular backlash, President Obama recently shelved a controversial plan to end the tax-free college savings accounts known as 529s.
Despite its initial defense of the proposal, the White House dropped the idea after immediate and intense criticism from both Republicans and Democrats.
Republicans now plan to capitalize on this misstep with a plan to expand 529s. According to The Wall Street Journal, a bipartisan proposal sponsored by Reps. Lynn Jenkins (R-Kan.) and Ron Kind (D-Wis.) may get a vote as early as next month.
While the White House could revert to its original stance and oppose the Republican plan, here’s a better idea: embrace the idea of expanding access to college savings and take it one step further.
Anne Kim 