GOP tax plan will make college more expensive
As I read the Republicans tax proposals, I kept thinking, Have you no shame? After years of lamenting the size of the federal deficit, the House version of the tax plan would increase the deficit by more than $1.7 trillion over the next 10 years. The proposed overhaul of the tax system is an unabashed effort to help Republican friends and hurt others in a way that would be unprecedented in American history.
In the face of growing wealth disparity, the Republicans plan will cut taxes for the very rich. For example, the bill will eliminate the estate tax, which will benefit those inheriting more than $5 million. Moreover, the richest families would get the biggest tax cuts in both dollar and percentage-of-income terms. Taxpayers in the top 1 percent would get half of all of the benefits of the tax cuts. More than 97 percent of those in the top 0.1 percent would see a tax cut due to the Trump plan worth an average of $747,580.
I am especially concerned about the effects of the tax proposals on education. The Senate plan eliminates all deductions for state and local taxes, while the House proposal retains property tax deductions up to $10,000. There is no doubt that this is an attempt to hurt blue states which have higher taxes, like California, New York, Illinois and Massachusetts. This will put great pressure on these states to lower taxes, which undoubtedly will hurt spending on education that is such a large part of the budgets in these states.
The tax proposals go even further in targeting higher education. The House bill would eliminate the student loan interest deduction, which allows any individual with an income up to $80,000 to deduct up to $2,500 in student loan interest. In 2014, 12 million student loan borrowers benefited from this provision.
The Republicans also propose to tax the tuition waivers given to graduate students when they work as instructors and researchers. This will dramatically increase the cost of going to graduate school. It is estimated that 145,000 graduate students benefit from this, with 60 percent studying in the areas of science, technology and engineering. Many will not be able to afford graduate study.
http://www.heraldnet.com/opinion/commentary-gop-tax-plan-will-make-college-more-expensive/?utm_source=DAILY+HERALD&utm_campaign=dbe175653f-RSS_EMAIL_CAMPAIGN&utm_medium=email&utm_term=0_d81d073bb4-dbe175653f-228635337
lapfog_1
(29,166 posts)We don't need no education.
exboyfil
(17,857 posts)to their employees.
This is quite possibly the most short sighted piece of legislation that has ever passed at least one house of Congress.
lastlib
(22,981 posts)When education becomes more expensive, stoopid becomes cheaper. This fits the GOPee's long-range plans to keep 'em poor, keep 'em stoopid, keep 'em down. Serfs dependent on the crumbs they're given.
BigmanPigman
(51,430 posts)Make everyone bankrupt while making them sick and hopefully die too. That is how the GOP is planning its future as an oligarchy. At least climate change will eventually kill off all the Dems AND Repub alike. No one gets the final victory or last laugh.