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January 23, 2015

College savings proposal draws quick opposition

  • Key GOP leaders adamantly oppose scaling back college savings plans.
  • By STEPHEN OHLEMACHER
    Associated Press

    WASHINGTON — President Barack Obama's proposal to scale back the tax benefits of college savings accounts is running into opposition from Republicans in Congress who say they have no intention of raising taxes on families trying to save money for their children's education.

    Obama's plan would reduce the tax benefits of future contributions to the popular 529 college savings plans. Current accounts would be grandfathered, so existing funds could still grow and be withdrawn, tax-free.


     
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