(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.
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