Gov. Cuomo, No more Taxes on working middle class. Keep 529 College savings plan as is!
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The fact that we live in one of the most expensive states (New York) in our country and many live in NYC, one of the most expensive cities in the world, many in power, forget that we are heavily taxed, pay the highest rents and property taxes, as it is. We dont get many breaks, especially, working and middle class families. In December, we finally got a break. The federal government passed legislation and the new, expanded 529 college savings account came on line. The new 529, which finally allowed families, to take out, up to $10,000 tax free, from the college savings account for K-12 (public, private and parochial) tuitions and/or school related purchases became available. Finally, a tax break, for working middle class families.
With this legislation, working middle class families could finally offset school expenditures with tax free money and lower our tax brackets, thus saving us more money. Sadly, upon passage of this legislation, New York, has held up this enhanced version of the 529, to weigh the taxes that the state govt. can levy on the people. The old version of the 529 was tax free for college expenditures, New York State passed legislation, further incentivizing tax breaks for participation in the 529.
Governor Cuomo, WE, the people, the working and middle class families, the back bone of this great state, are pleading with you. To honor, the new enhanced version of the 529, which passed into federal law. To keep the current state legislation, as is, to not change it, in order to collect taxes on a plan, that is supposed to help NOT hurt, the very people that the 529 is supposed to protect.
Ultimately, it comes down to you Governor. Working and middle class families, NEED a break and you could help, by simply leaving the law as is and not add new state taxes.
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