Contra Education Savings Accounts

Posted: 9/24/2014

Trigger

Just came across this article “GOLDWATER INSTITUTE’S WORK ON EDUCATION SAVINGS ACCOUNTS NAMED 2014 TEMPLETON FREEDOM AWARD FINALIST” to remind me that I had planned to blog about this pet project of the Arizona Goldwater Institute for some time.

The Cons

1. The fundamental critique is that the income tax code should not be complicated. Any special provisions like education savings accounts add to the complexity and provide extra jobs  for tax advisors
2. Another fundamental critique is that the tax code should be strictly limited to providing government revenues without any welfare, etc. tax expenditure provisions.
3. Lower the tax rates! Period! Then individuals or families can freely decide how much of their income they want to dedicate to the education of their children. In Arizona specifically, abolish the sales tax!
4. How many different retirement savings accounts are available in the personal income tax code? Too many!
5. Besides retirement savings accounts we also have already health savings accounts
6. What is next?