President Obama proposed a new plan this week to simplify the tax code and help the middle class. The plan would alter our typical advice of contributing significant amounts to 529 college savings plans. Click here to read more about the plan.
With republicans controlling both houses of congress we find it unlikely these changes will happen. Furthermore, the proposal would not affect money already contributed to 529 college savings plans. 529 college saving plans continue to be phenomenal vehicles to help individuals pay for college. If you haven't made your contribution for 2015, the proposed plan may remind you how valuable these plans are.