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Started By
Message
Significant Amendment passes last night
Posted on 12/2/17 at 7:21 am
Posted on 12/2/17 at 7:21 am
LINK
quote:
Early on Saturday morning, Mr. Pence provided a tiebreaking vote to pass an amendment offered by Senator Ted Cruz, Republican of Texas, that would allow people to use up to $10,000 a year from tax-advantaged 529 savings accounts to fund tuition at private and religious K-12 schools or certain educational expenses for home-schooled students
Fairly significant for people in BR and Nola. Good for Cruz.
7
Posted on 12/2/17 at 7:34 am to Antonio Moss
Good ol' Cruz 2024.
Posted on 12/2/17 at 7:37 am to Antonio Moss
Wow. That's big league!
Posted on 12/2/17 at 7:38 am to Antonio Moss
But how will we indoctrinate the next generation of social justice warriors in private schools!!!
Posted on 12/2/17 at 7:40 am to Antonio Moss
Nice.
Posted on 12/2/17 at 7:51 am to Antonio Moss
Please let this happen. I have 5 in private school and my ex gets them for tax purposes. If I can fund their tuition via pre-tax dollars (basically) it will mean significant tax savings for me.
Posted on 12/2/17 at 7:53 am to Mid Iowa Tiger
I want to read the actual language of the amendment. The way the article is worded, I'm not sure of its $10,000 per filer or $10,000 per 529
Posted on 12/2/17 at 9:03 am to Mid Iowa Tiger
quote:
If I can fund their tuition via pre-tax dollars (basically) it will mean significant tax savings for me.
I'm pretty sure 529 contributions are after tax, for federal purposes. 529 gains and earnings are tax free if spent on qualified expenses. This is still huge though, it's one step closer to a voucher system.
Posted on 12/2/17 at 9:08 am to Mid Iowa Tiger
(no message)
This post was edited on 11/17/21 at 5:07 pm
Posted on 12/2/17 at 9:10 am to Antonio Moss
quote:
to fund tuition
quote:
private and religious
quote:
home-schooled
Oh, this will cause melts!
Posted on 12/2/17 at 9:14 am to puse01
quote:
Some states, such as LA, allow a deduction for the contribution amount if you invest it in the LA state sponsored plan. So, basically a maximum of $120 a year savings on a $2000 contribution per tax payer.
If you live in Louisiana, it is a poor investment decision to buy into any 529 other than the Louisiana plan.
But making 529 available for pre-college tuition makes it the same as the Coverdell, which we already have. We don’t need two Coverdell plans. I don’t get why this makes any difference at all except to make the programs redundant.
This post was edited on 12/2/17 at 9:16 am
Posted on 12/2/17 at 9:16 am to Antonio Moss
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