Part of President Barack Obama’s ambitious tax reform plan is a proposal to gut the popular 529 savings accounts used by millions of Americans to save for college. The administration has labeled the plans “inefficient” and complained that the benefit accrues too heavily towards higher-income Americans.
But in 2006, Obama actually voted in the U.S. Senate to make the 529 savings permanent, and has written favorably of the plans in the past.
The bill in question was the Pension Protection Act of 2006, which perpetuated a tax benefit that was originally created in the 2001 Bush tax cuts. The bill was overwhelmingly approved, but several Democrats did oppose it, including Senator Barbara Boxer.