Tax bill would kill deduction for student loan interest, promote vouchers

 

Elections have consequences, and some more of them are showing up in anti-educator and anti-student provisions in the tax bill drafted by the Republican majority in Congress.

Not only would the bill repeal the $250 tax deduction that under-paid teachers are now afforded for purchasing classroom supplies out of their own pockets, it also would kill the deduction that teachers and millions of other Americans have been able to take for interest on their student loans.

The interest deduction has been as much as $2,500 a year, but it would be wiped off the books. That would increase costs for college loan borrowers by as much as $24 billion over the next 10 years, according to the American Council of Education, which represents 1,600 colleges and universities.

The tax bill also would promote a back-door approach to private school vouchers by allowing taxpayers of any income level to set aside as much as $10,000 a year in tax-free accounts for expenses at private K-12 schools. These tax breaks, which would benefit the wealthy more than anyone else, would drain federal dollars from government programs, including public schools, where the vast majority of children will continue to be educated.

All in all, the tax bill is a poorly disguised attempt to further enrich the top 1 percent and corporations at the expense of educators, students, their families and other middle- and lower-income taxpayers. Use the following link to tell  your representative in Congress that you oppose this bill.

Urge your member of Congress to oppose this tax bill

GOP tax bill would kill deduction for student loan interest

 

 

 

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