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Saving for Vocational School Through 529 Plans

Saving for Vocational School Through 529 Plans cbeaty Tue, 11/15/2022 - 15:39

Saving for Vocational School Through 529 Plans

Skilled laborers are needed across the nation. The shortage has affected overall construction costs and the recovery from Hurricane Ian, among many other localized issues. Increasing the number of vocational school graduates and providing resources to fund these programs may be a long-term solution.

A June 2022 assessment conducted by Indeed found that the average cost of trade school ranges from $3,674 to $15,923, which is more affordable than a traditional four-year degree program, but may still be a barrier for many Americans looking to develop trained labor skills.

Aside from grants and loans, 529 savings plans are an additional option to help students pay for trade or vocational programs, according to an October 2022 press release from the Education Trust Board of New Mexico, the organization that administers the state of New Mexico’s 529 education savings plan. A 529 plan is a state-funded savings plan that offers tax advantages and an opportunity to save for future education costs.

There are two types of 529 plans: prepaid tuition plans and education savings plans.

Under a prepaid tuition plan, the saver or account holder can purchase credits at the current rate for a beneficiary’s future use toward tuition. The contractual terms will vary by state, but most enforce a residency requirement and do not allow the funds to be applied toward room and board.

An education savings plan allows a saver to manage an investment account, including various mutual funds or exchange-traded fund portfolios, to fund the beneficiary’s future qualified higher education expenses. This includes tuition, fees and room and board, up to $10,000 per year.

According to the Education Trust Board of New Mexico, there is no required minimum contribution amount and savers have flexibility in how often they add to the account.

The demand for skilled workers will continue to grow. According to September 2022 data from the U.S. Bureau of Labor Statistics, the demand for construction laborers and electricians is projected to grow by 7% between 2022 and 2030. With no signs of slowing down, saving for trade school may be a promising option for those looking to invest in their or a loved one’s future.

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The president-elect, who tried to ban the social media platform the last time he was in the White House, has repeatedly pledged during his most recent campaign to oppose a ban on the short-form video app, which could happen as soon as mid-January if the company loses a court case that’s currently underway in Washington.

For months, TikTok and its China-based parent company ByteDance have been embroiled in a legal battle with the U.S. over a federal law that forces them to cut ties for national security reasons or stop operating in one of their biggest markets in the world. The measure, signed by President Joe Biden in April, gives ByteDance nine months to divest its stakes, with a possible three-month extension if a sale is in progress. If that happens, the deadline could be extended into the first 100 days of Trump’s presidency.

The companies have claimed that divestiture is not possible, and the law, if upheld, would force them to shut down by January 19, just a day before Trump’s second inauguration. Attorneys for both sides have asked a federal appeals court reviewing the case to issue a ruling by December 6. The losing side is expected to appeal to the Supreme Court, which has a conservative majority and could decide to take up the case, potentially dragging out the process even longer.

When reached for comment, the Trump transition team did not offer details on how Trump plans to carry out his pledge to “save TikTok,” as he said on a Truth Social post in September while encouraging people who care about the platform to vote for him. But Karoline Leavitt, a spokeswoman for the transition team, indicated in a statement that he plans to see it through.

“The American people reelected President Trump by a resounding margin, giving him a mandate to implement the promises he made on the campaign trail,” Leavitt said. “He will deliver.”

During a March interview with CNBC, Trump said he still believed TikTok posed a national security risk but opposed banning it because doing so would help its rival, Facebook, which he has continued to lambast over his 2020 election loss. He also denied changing his mind on the issue because of Republican megadonor Jeff Yass, a ByteDance investor who Trump, at the time, said he had only met “very briefly.” He said Yass “never mentioned TikTok” during their meeting.

Still, ByteDance—and groups connected to Yass—have been attempting to exert their influence. Lobbying disclosure reports show that this year, ByteDance paid veteran lobbyist and former Trump campaign aide David Urban $150,000 to lobby lawmakers in Washington in favor of TikTok. The company has also spent more than $8 million on in-house lobbyists and another $1.4 million on other lobbying firms, according to the nonprofit OpenSecrets.

Meanwhile, in March, Politico reported that Kellyanne Conway, a former senior Trump aide, was being paid by the Yass-funded conservative group Club for Growth to advocate for TikTok in Congress. A spokesperson for the organization said Conway was hired as a consultant to conduct polling. Conway and Urban did not respond to requests for comment. TikTok, which has long denied it’s a national security risk, declined to comment.

If the courts uphold the law, it would fall on Trump’s Justice Department to enforce it and punish any potential violations with fines. The fines would apply to app stores that would be prohibited from offering TikTok, and internet hosting services who would be barred from supporting it. Leah Plunkett, a lecturer at Harvard Law School, said from her reading of the statute, the attorney general has to investigate violations but can decide whether or not to drag such companies to court and force them to comply.

Trump could do other things to prevent TikTok from disappearing.

He could issue an executive order to nullify the ban—which Plunkett believes would not be lawful—or urge Congress to repeal the law. That would require support from Congressional Republicans who have aligned themselves with Trump but have also supported the prospects of getting TikTok out of the hands of a Chinese company.

In a statement sent to the AP after the election, Republican Representative John Moolenaar of Michigan, chairman of the House Select Committee on China, said Trump’s “long-standing concerns” about TikTok align with the law’s requirement for divestment.

“The Trump Administration will have a unique opportunity to broker an American takeover of the platform,” he said.

ByteDance, though, has previously said it has no intention of selling the platform despite interest from some investors, including Trump’s former Treasury Secretary Steven Mnuchin. Analysts say the company is even less likely to sell the proprietary algorithm that fuels what users see on the app. That means even if TikTok is sold to a qualified buyer, it is likely to be a shell of its current self and would need to be rebuilt with new technology.

Sarah Kreps, director of Cornell University’s Tech Policy Institute, said it’s also possible that Trump could take the issue back to the drawing board and direct his administration to negotiate a new deal with TikTok.

TikTok said in 2022 that it presented the Biden administration with a draft agreement that would bolster protections for users and provide it more oversight over the company’s U.S. operations. But the administration has argued in court documents in recent months that it would be challenging to enforce the agreement due to the size and the technical complexity of the platform.

Trump hasn’t been privy to new intelligence material on the matter for a few years and it’s possible he could change his mind—and abandon his campaign promise—once he does, Kreps said.

Plunkett, the Harvard Law lecturer and author of Sharenthood: Why We Should Think Before We Talk About Our Kids Online, said if she were counseling TikTok, she would advise it to come up with a divesture plan that is compliant with the law and as favorable to the company as possible, noting, “There is too much uncertainty about what a Trump administration is likely to do.”

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