After facing tough criticism from middle class parents, Republicans and top Democrats, President Barack Obama decided to scrap his proposal to start taxing college savings accounts known as 529 plans.

The White House announced on Tuesday that Obama will no longer seek to pass his proposal to tax the popular college tuition investment accounts, which currently allow savings to grow tax-free, Fox News reports. 529s are mostly used by upper- and middle-class families, since working class families typically don't have thousands of dollars saved up for college, and very wealthy families usually open trust funds for their children.

However, Obama's plan to implement taxes every time money is withdrawn from the account stirred backlash from both the Left and the Right.

"Given it has become such a distraction, we're not going to ask Congress to pass the 529 provision so that they can instead focus on delivering a larger package of education tax relief that has bipartisan support, as well as the president's broader package of tax relief for child care and working families," said a White House official.

According to USA Today, an official speaking on confition of anonymity said "The 529 provision is a very small component" of Obama's plan. The president will also keep an expanded tuition tax credit at the center of his college access plan.

Obama's decision to scrap the plan came just hours after Republican House Speaker John Boehner released a statement saying: "529 plans help middle class families save for college, but now the president wants to tax those plans. It's another example of this outdated, top-down approach when our focus ought to be on providing opportunity for all Americans. So for the sake of middle class families, the president ought to withdraw this tax increase from his budget when he submits it soon," said Boehner Tuesday morning.

Leaders in the Democratic Party, including Minority Leader Nancy Pelosi and Rep. Chris Van Hollen, the ranking member of the Budget Committee, also called for the president to drop the plan, reports the New York Times.

After the announcement, Boehner applauded Obama for heeding the American people.

"I'm glad President Obama has decided to listen to the American people and withdraw his tax hike on college savings," Boehner said. "This tax would have hurt middle-class families already struggling to get ahead."

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