Obama's plan to cut tax benefits for 529 plans has been scrapped. The uproar must have included other voices louder and more powerful than mine.
One note: at least one opinion writer uses the death of the 529 proposal as evidence of the power of the wealthy, who mistakenly believe themselves to be middle class, not to be taxed. This may be true, but it and other news reports state that 70% of benefits of 529 plans go to families with incomes over $200,000 a year. However, in the NYT article linked above, it makes clear that this statistic is based on the value of the accounts, not the number of accountholders. By number, 70% of 529 accounts are owned by families with incomes under $150,000. So, to say that the affluent are the only ones making use of the accounts is misleading.
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