WASHINGTON (AP) — The White House said Tuesday it is dropping a proposal to scale back the tax benefits of college savings plans amid a backlash from both Republicans and Democrats. Republicans publicly criticized the plan, and aides said House Democratic Leader Nancy Pelosi pushed the administration to drop it in a private conversation. Given it has become such a distraction, we're not going to ask Congress to pass the 529 provision so that they can instead focus on delivering a larger package of education tax relief that has bipartisan support. The administration said all the additional tax revenue would have been used to help expand and make permanent a $2,500 tax credit that families can use for education expenses.
White House Drops Plan To Scale Back College Savings Plans
By STEPHEN OHLEMACHER, Associated Press, San Francisco Chronicle: Politics
Tue, 01/27/2015 - 4:18pm
Sections: politics
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