Uncle Sam Is Coming After Your Savings

The Obama administration's plan to tax college savings plans is a taste of things to come.

First he came for your 529's...

Photographer: Jamie Squire

Earlier in the week, I discussed the Obama administration's proposal to tax earnings on so-called 529 college savings plans, part of a package of tax hikes that will pay for new programs such as his proposal to make the first two years of community college free. This has been touted as a plan to hike taxes on the rich to help the middle class, but in fact it's more of a plan to redistribute money from the upper middle class to the lower middle class.

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