PRESIDENT BACKS DOWN ON PROPOSAL TO TAX EARNINGS FROM COLLEGE SAVINGS ACCOUNTS

Instapundit takes credit.

Bah.  I have wasted enough time on this junk.  This proposal was bad enough, but there’s lots more where it came from.  The White House actually thinks that this Congress will not only do away with the step-up basis rule, but raise the tax rate on capital gains?

Of course, there is the maybe only slightly paranoid school of thought that this is what they call “battle space preparation” for ramming such ideas through in the future, when Congress may be more favorably disposed to such ideas.