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My thought is more wasteful spending to get parents to save for their kids. I like the tax free savings up to $5000 each year but no need for tax payers to pay the first $1000. Being I'm a single guy with no kids this $1000 stings tax payers such as myself for all babies born in 2025 -2028 whose parents choose to partake. I like this idea except for the tax payer funded first $1000.
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There is a lot of wasteful spending.
As someone who pays a lot of taxes and never qualifies for any of the nice tax credits, I was pleasantly surprised that our daughter will qualify for one because there’s no income cap.
The $5k savings isn’t tax free, it is post tax with tax deferred growth and operates very similarly to a retirement account.
We’ll take the free $1k but utilize other investment vehicles to save for our daughter’s future. -
Swing and a miss...this amounts to a lot of government waste. I don't need to be funding $1,000 savings accounts for people's children when many families could easily do that themselves. I'd rather know that their children are being fed while at school or are receiving a quality education that puts them ahead of others in the world.History will judge the complicit.Comment
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And medical care now that millions will lose coverage due to cutting Medicaid.Originally posted by ua_guy View Post
Steve
* Despite the high cost of living, it remains very popular.
* Why should I pay for my daughter's education when she already knows everything?
* There are no shortcuts to anywhere worth going.Comment
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It seems like a duplicate of existing savings options.
We already have 529 college savings plans. I could get onboard with the idea of the government a tax refund of $1,000 to the parent of a child with an existing 529 plan and direct depositing that money directly into the account.
The thought that this money can be used for expenses other than education, such as starting a business is a little wonky. I'd keep it simple and stick with the existing structure.Comment
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We haven't talked about the "bill" much on this forum for obvious reasons but there were a couple other financial head-scratchers in there like: Deducting car loan interest up to $10k. I'm not sure who pays $10k per year in car loan interest, but they probably shouldn't have a car loan, and as a taxpayer I really don't want to subsidize someone's bad interest rate...? All this does is encourage debt and using credit. Why do you think credit cards offer 1-3% cash back? Because they can more than cover the cost of doing so by "rewarding" consumers who will use their cards more.History will judge the complicit.Comment
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Making car loan interest deductible is inane. How does that help anybody? We should be encouraging people to live within their means, not beyond them. Buy a car you can afford which may not be the car you really want.Originally posted by ua_guy View Post
I'm fine with credit card rewards because I play that game to my advantage. I have no clue what the interest rates are on any of our credit cards because I've never paid a penny in interest except for one time in July/August 1992 when we paid off our honeymoon in two months rather than all at once. I do know just from reading stuff that a lot of common cards have rates as high as 33% which is insane.Steve
* Despite the high cost of living, it remains very popular.
* Why should I pay for my daughter's education when she already knows everything?
* There are no shortcuts to anywhere worth going.Comment
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Just saw this. For those who have to buy their own coverage or are not yet Medicare-eligible. Oooof. ACA premiums are expected to rise 75%.Originally posted by disneysteve View Post
History will judge the complicit.Comment
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I'm expecting ours to go up 100%, an extra $1,000/month in our case.Originally posted by ua_guy View PostSteve
* Despite the high cost of living, it remains very popular.
* Why should I pay for my daughter's education when she already knows everything?
* There are no shortcuts to anywhere worth going.Comment
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