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For months now, we’ve been in a nationwide debate over whether we should cancel up to $20,000 in student loan debt for tens of millions of people. Next year, the U.S. Supreme Court will weigh in on the hundreds of billions of dollars at stake — and talking heads will debate, yet again, who is deserving of help in America.
The student debt cancellation program excludes people with especially high incomes. But hiding in plain sight is another federal program — 529 college savings plans — that offers the biggest benefits to wealthy families.
With the right accounting and legal moves — ones that have never been subject to the kind of scrutiny that debt cancellation has faced — people with hundreds of thousands of dollars to spare can create 529 accounts that will end up holding millions of dollars. With some careful planning, no taxes will come due for most people as long as future generations use the money to pay for college (say, $84,000 a year at a private university like Duke), graduate school (hello, half-a-million-dollar New York University dental school) and any other related educational costs, including high-rise dorms and Apple laptops.
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Robert Neubecker
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