This is more or less what Clinton did in 1993 to get the budget on the road to balance and the bond market on the road to lower rates and the economy on the road to its best eight years ever. Here s how cartoonist Tony Auth envisioned the situation a couple of days ago. That said, some aspects of the bill are swell , and will send the right signals to average taxpayers, encouraging them to save for college and retirement. That s good for them and good for the country, because our savings rate is too low.
Education IRAs no longer stink.
A person who contributes to an education IRA will be able to contribute to other tax-deferred education plans in the same year. Qualified State Tuition Programs can now be wonderful . These plans, commonly known as 529 plans after the section of the Internal Revenue Code that permitted their creation, have been established in nearly every state to allow tax-deferred savings for college. But it just got better. Those of you who have been saving for college in your own name or using Uniform Tranfer to Minors Act accounts need to reconsider.