Obama's 529 walkback signals the end of the progressive dream

You can't expand entitlements without raising taxes. And Americans will revolt over big middle-class tax hikes.

(Image credit: (Chip Somodevilla/Getty Images))

In his State of the Union address, President Obama presented a new tax plan, which included, among many other things, higher taxes on popular college savings accounts called 529s. Mere days later, that part of the tax plan was dropped.

Given that Obama's tax-raising plan was never going anywhere to begin with, given his lame-duck status and Republican control of Congress, this quick about-face is all the more striking.

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Pascal-Emmanuel Gobry

Pascal-Emmanuel Gobry is a writer and fellow at the Ethics and Public Policy Center. His writing has appeared at Forbes, The Atlantic, First Things, Commentary Magazine, The Daily Beast, The Federalist, Quartz, and other places. He lives in Paris with his beloved wife and daughter.