Today, Vice President Joe Biden visited Colorado to talk about the administration’s push for free community college, among other topics. Perhaps his advance team should have, ahem, done its homework about Colorado’s educated population. According to a 2014 analysis, Colorado ranked second in the nation in percentage of population with at least a Bachelor’s degree, just behind Massachusetts. Shilling for free community college to a state that is teeming with Bachelor’s degrees seems a little off key.
But, it’s not just that we have a large population of educated folks, it’s that the plan he’s pushing is pissing off parents across the country. As everyone learned with Obamacare, when the government gives away free stuff, somebody has to pay.
That somebody, in this case, is the middle class. Many parents saved money for their kids’ education using a 527 fund, which meant that the money would never be taxed – not even when it was withdrawn and used for education. President Obama wants to end that practice by taxing it when it’s withdrawn to fund community college for everyone. Here’s what one parent said on Facebook at the time of Obama’s announcement:
“When [my sons] were born, I started 527 College Savings accounts for them. There’s not a lot in there, but I have made it a point to save for their college educations. #SOTU claimed last night to propose free community college as an option. In order to make this education ‘free’ the now non-taxed 527 accounts will be taxed. Essentially, your child’s free education will come from my child’s savings plan.
If this is the education equivalent to Obamacare, Coloradans would be wise to read the fine print. The side effects of this prescription for education might be tough to swallow.