(Bloomberg) — George W. Bush left office six years ago — and his tax cuts still constrain President Barack Obama's agenda. Obama had a sharp reminder of that fact this week.

The president tried to get rid of Bush's 529 tax break for college savings accounts loved by many middle-class families. He found out how hard it is to remove taxpayer benefits bestowed by Bush, even if the middle class as a whole would benefit.

The White House gave up on its plan to end the 529 tax break Tuesday, six days before it was to be included in the president's Feb. 2 budget proposal. The Obama administration unsuccessfully tried to sell the idea as a way to redirect aid from upper-middle-class families toward people with less income who otherwise couldn't afford college.

Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.

  • Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.