Obama scraps bid to raise taxes on ‘529’ plans

(Saul Loeb / AFP/Getty Images)

The administration retreated after a strong backlash to the proposal, which would have curtailed a major tax benefit of the popular college savings accounts.

Latest News

Looking for a restaurant? This space will offer five in one

Looking for a restaurant? This space will offer five in one

Created by the executives behind EquityEats, the venue will feature multiple dining concepts each month

Three takeaways from Lockheed Martin’s earnings

Three takeaways from Lockheed Martin’s earnings

The defense giant ended 2014 on a positive note, recording higher sales for the first time in two years.

Marriott to buy Canadian hotel company for $135M

Marriott to buy Canadian hotel company for $135M

The deal would make Bethesda-based Marriott the largest hotel company in Canada.

Lyft cars still think pink, but streamline the 'stache

Lyft cars still think pink, but streamline the 'stache

The ride-hailing company has pulled the pink furry mustache that drivers display on the front of their cars.

The KFC Double Down is back--and now it includes a hot dog.

The KFC Double Down is back--and now it includes a hot dog.

One of the fast-food giant’s most notorious menu items just got a new twist.

Main Street Morning: One big storm

Main Street Morning: One big storm

Our morning rundown of news affecting start-ups and small businesses.

Columnists

Michelle Singletary

Michelle Singletary

529 college savings plans are much more than tax havens

Like 401(k) retirement accounts, they prevent money from being spent on anything else.

Steven Pearlstein

Steven Pearlstein

At the glimmering edge of good sense

The brawl over Emerald Cay, paradise to the 1 percent, is a parable of American capitalism gone wrong

Allan Sloan

Allan Sloan

It’s not hard to close the cash-rich split-off loophole

Require that more than 90 percent of the deal’s value (not one-third) consists of operating businesses.

Thomas Heath

Thomas Heath

The view in Potomac makes her forget that Havana condo

Aida Middel, who fled Cuba as a little girl, has the last laugh helping rich Americans solve their chores.

Market News

Stocks drift as weak US earnings add to growth concerns

Stocks drift as weak US earnings add to growth concerns

Global stocks drifted Wednesday after weak earnings from several U.S. companies added to global growth concerns as investors waited for the U.S. Federal Reserve’s latest statement on monetary policy.

Debunking the myth of the American love affair with cars

Debunking the myth of the American love affair with cars

A history with deep implications for the potential future of driverless cars.

Remember Russia? It’s still doomed.

Remember Russia? It’s still doomed.

The ruble is falling again after S&P downgraded Russia to junk.

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On Leadership

To thine own self be true? Maybe not at work

To thine own self be true? Maybe not at work

It’s okay that you don’t know what your best possible self is yet. The only way you’re going to figure it out is by trying varieties of it.

A reality check about U.S. women in power

A reality check about U.S. women in power

Among 49 high-income countries, the United States ranks 33rd when it comes to women in legislative roles.

More from On Leadership

Get There

What the top 1 percent make in every state

What the top 1 percent make in every state

You don’t need to bring in millions each year to make the cut.

Stop paying so much for tax help

Stop paying so much for tax help

Most taxpayers have fairly straightforward returns and can avoid paying hundreds of dollars for a tax pro.

The Switch

The age of the Apple Watch begins in April

The age of the Apple Watch begins in April

Apple’s flashy new timepiece is coming soon, and chief executive Tim Cook “can’t live without it.“

Apple’s iPhone salescrush analyst predictions

Apple’s iPhone salescrush analyst predictions

The 74.5 million iPhones sold in the last quarter of 2014 were more than 5 million more than industry watchers had predicted and led the company to a record $18 billion profit.

More from The Switch