Protect higher education in tax reform #donttaxeducation #RethinktheReform
On Nov. 16, the House of Representatives voted 227-205 to approve its tax reform measure, the Tax Cuts and Jobs Act (H.R. 1). On the same day, the Senate Committee on Finance passed its version of the bill, also known as the Tax Cuts and Jobs Act, out of Committee. The full Senate plans to vote on the bill the week of Nov. 27.
The Tax Cuts and Jobs Act (H.R. 1) would substantially reduce tax benefits and increase costs for college students by $65 billion over the next decade. As written, H.R. 1 would repeal the Lifetime Learning Credit (LLC), which provides a tax benefit to part-time students, non-traditional students, graduate students, and lifelong learners. The bill also would repeal the student loan interest deduction that provides a tax credit of up to $2,500, helping to reduce student debt levels and making it more affordable to for millions of middle- and lower-income students and families to finance a college education. In addition, H.R. 1 would repeal Sec. 117 (d)(5), which provides graduate student teaching and research assistants a tax exemption for tuition waivers.
Congress needs to hear from students and graduates that we oppose this legislation and these cuts to the education programs. H.R.1 will make college more expensive and will lead to increased student loan debt.