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February 16, 2015

Title: Are College Savings Plans in Danger?
Topic: 529 Plans

Discussed by Professor John Sparks
with Grove City College (www.gcc.edu)

Today’s topic with Professor and Attorney John Sparks is “529 Plans”. If you are not familiar with a 529 Plan, it is a college-savings plan that many middle-class parents use when saving for their children’s college experience. Parents like the fact that these plans are tax-free; grandparents can contribute to the plans as well. The 529 Plans also transfer from state to state and even from one child to another if one decides not to attend college! What’s not to like about the 529 Plans?

Well, as you may guess, there is one person who is not a fan of these money-saving plans! Obama! Why? Because he thinks the majority of the 7 million families using the 529 Plans are wealthy! However, Professor Sparks disputes that. He says that 70% of the people who take advantage of the plans have an annual income of less than $150,000.

Listen in as Professor Sparks explains the tax Obama wanted to place on the 529 Plans. Fortunately, it appears that Obama has tabled his assault for now, but that doesn’t mean it won’t be brought up again, probably tucked into some random bill that has nothing to do with education or taxes.

Favorite quote from Professor Sparks: “Obama is going to do what Obama is going to do.”

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