We’ve got to be more vocal about this “tax scam” and there are several items that are going to destroy low income and middle income families.
Person hood for fetal:
From the house bill …
“Nothing shall prevent an unborn child from being treated as a designated beneficiary or an individual under this section,” the legislation reads. “For purposes of this paragraph…the term ‘unborn child’ means a child in utero. … The term ‘child in utero’ means a member of the species homo sapiens, at any stage of development, who is carried in the womb.”
Senate bill may NOT have this language — still looking into this but reporting on Snopes includes the following …
SNOPES — “This — according to language in the Senate’s own markup of their tax bill — is misleading, as there was nothing to stop one from opening an account in a guardian’s name and later transferring it to a child once they were born. Under existing law:”
“The person or persons who make the contributions to the account need not be the same person who is regarded as the account owner for purposes of administering the account. Under many qualified tuition programs, the account owner generally has control over the account or contract, including the ability to change designated beneficiaries and to withdraw funds at any time and for any purpose.”
SNOPES SAYS — MOSTLY TRUE — www.snopes.com/…
Politifact says — MOSTLY TRUE
www.politifact.com/...
The provision is "disguised" in the sense that adding the unborn child language doesn’t enable savers to do anything they can’t already do for future children -- a point U.S. Rep. Judy Chu, D-Calif., raised during a hearing. Expectant parents and other savers can already open a 529 in anyone’s name, including their own, and later change the beneficiary -- for instance, after a child is born.
SLATE SAYS — Fetus’ can now “save for college” — (and then what)??? www.slate.com/…
From THE HILL
thehill.com/…
(The Hill reports that the Senate bill did not have this in it’s first version — however — may be added to new revisions, due this week)
Abortion proponents said the provision was a back-door attempt to legalize “personhood” and restrict abortion. According to Planned Parenthood, the law already allows people to create 529 accounts for their future children.
"It is absurd that House Republican leaders would use a tax bill to try to advance their agenda to undermine access to safe, legal abortion,” said Dana Singiser, vice president, public policy and government affairs for Planned Parenthood Action Fund.