But if tuition is $2,000-$3,000 up to age 14 or 15, and then it's anywhere between $5,000 and $15,000 per year, a family might put away a some money early on, to make it easier later, especially if there's a tax deduction. A family living in NY on $150,000 (and more) can use a tax deduction, and could still be struggling, getting serious reprieve from this.
I hear. A family making 150k and contributes 10K will save about $650 in NY state tax.
As far as I know there is not a limit as to how long funds must stay in the 529 plan before they are withdrawn.
So you can contribute 10k in 2018 and get the tax benefit (if the state ur living in has one) and the next day pay your tuition from the 529 account. This could benefit everyone not just those who have extra funds to put away to grow tax free.
one problem with 529 plans is that they count towards student loans so you might get reduced amount of federal loans if you have a large amount in a 529 plan
What is this thing I'm hearing about Rubio and Lee pushing to raise the corporate tax to 22% and to use that money to give larger child tax credit benefits to families with kids?
https://www.wsj.com/articles/the-rubio-schumer-amendment-1511998489
Can the R's push this through without even one D?
I'm shocked - SHOCKED I tell you - that the WSJ's editorial board is disdainful of any attempts to blunt the massive gains for businesses (especially large corporations) in the proposed reforms. /sThey plan to pass this tax reform via reconciliation, which means they only need 50 votes (with Pence being the tie-breaker in that scenario). That means at least 3 republican senators would have to oppose. WaPo lists 10 that have voiced concerns, but I'm skeptical that there will be 3 that actually oppose it when they finally vote on it.https://www.washingtonpost.com/graphics/2017/politics/tax-bill-senate-whip-count/?utm_term=.04d370839956
is anyone else praying they fail and dont get anything passed?