Anyone Home At The White House?
President Obama has been traveling to India and Saudi Arabia the past week, and while the cat’s away, the mice have played.
What was the staff thinking when it proposed to end 529 tax status or when it said it planned to requests bids for drilling off the coast of Virginia and the Carolinas?
Each of these proposals could have merit as part of some larger and more comprehensive plan. But any comprehensive, Democrat sponsored reforms have no chance of seeing the light of day. So what’s wrong with these “one offs”.
Did the White House think about who might be using 529s and for whom would the tax deduction mean the most? For sure, tax loop holes should be eliminated in any comprehensive tax reform, but have you heard any business leader suggest that the deductions, credits, and exclusions big business receives as part of the tax code be eliminated when the corporate rate of 35% is lowered? There is no point in saving college money in a 529 unless there is a tax advantage, otherwise a bank savings account serves the same purpose.
Opening oil exploration off the east coast is again an idea worth considering but why would someone open off-shore drilling while threatening to block the XL Pipe Line? How is one better for the environment than the other? And has anyone check the price of oil recently? Why fight a political battle and risk offending environmental and tourism groups before such a bridge needs to be crossed?
I wonder what’s going on?