Taxing Education
Tax bills currently in the House and Senate variously propose the following:
1.
Would impose a 1.4% excise tax on the interest income of private
university endowments subject to guidelines. Here are some private
institutions in New York that would be affected:
- Williams College
- Hamilton College
- Cooper Union
- Columbia University
- Vassar College
- Colgate University
(Chronicle of Higher Education)
2.Would
require tuition waivers or reductions currently granted to college
& university employees and their families—faculty, staff,
maintenance—to be taxed as income. Many of these waivers have been
negotiated in good faith in lieu of salary compensation for the workers.
3.
Would tax tuition waivers for graduate students, who do much of the
work in educational institutions. The money would be deducted from
their typically measly stipends, which are far less than annual tuition.
4.
Would eliminate the existing deduction of interest on student loans at
certain amounts. The average student (class of ’16) has over $37,000 in
student loan debt.
5. Would eliminate the individual deduction for teachers who pay for classroom materials out of their own pockets.
There
are additional items in the bills that would harm our nation’s students
and institutions of higher learning. How can one look at this list and
not conclude that the Republican party is painting a bullseye on our
students, colleges, and universities? And for what? To reduce the
taxes of corporations and the wealthiest individuals.
Constituents should let their representatives know that we do not want their tax bills to attack the seed corn of our democracy.
Publishing History
Daily Freeman 11/25
No comments:
Post a Comment