CHARLESTON – Earlier today, West Virginia State Treasurer John Perdue joined with the National Association of State Treasurers (NAST), the College Savings Plan Network (CSPN) and families across the nation in opposing President Barack Obama’s proposal to tax earnings on college savings accounts.
This evening, White House officials confirmed the President decided to drop the 529 provision.
Treasurer Perdue responded this evening with the following statement:
“I appreciate that President Obama listened to the middle-class families in America and has decided to withdraw his proposal to tax college savings. This proposal would have hurt thousands of parents here in West Virginia who are working to give their children a better future.
“As I said earlier today, instead of stifling savings, we should encourage parents to save responsibly for future educational expenses.
“With tuition costs rising and student loan debt currently around $1.3 trillion, planning for higher education expenses has never been more important.”
West Virginia’s SMART529 College Savings Plan is a qualified tuition program issued by the West Virginia Prepaid College Tuition and Savings Program Board of Trustees, chaired by State Treasurer Perdue.
For more information on West Virginia’s SMART529 College Savings Plan, visit www.SMART529.com or call 1-866-574-3542.