(Bloomberg) — President Barack Obama is dropping his proposal to tax the earnings on college savings accounts, responding to criticism of an idea the White House announced 10 days ago.
A White House official, speaking on condition of anonymity, said the issue had become a distraction from the president's broader plan to expand and simplify tax breaks for education.
The administration's quick retreat on the proposal emphasizes the difficulty of changing popular tax breaks, even in ways that lower the overall tax burden.
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