House G.O.P. Tax Writers Take Aim at College Tuition Benefits
- 7 years ago
House G.O.P. Tax Writers Take Aim at College Tuition Benefits
The sprawling House tax bill, set for a vote on Thursday, would tax the value of college tuition benefits conferred on thousands of university employees like Mr. Vautour, one of several provisions
that would hit colleges, universities and their students, hard.
In addition to campus employees, many doctoral students would see huge tax increases, since the tuition
that universities waive for them in exchange for working on campus as researchers and teaching assistants would be deemed taxable income.
And if students take out more loans to pay their new taxes, they would face another surprise: Under the House bill, interest paid on student loans — a deduction
that more than 12 million people used in 2015 — would no longer be tax deductible.
By increasing household income, the bill overall would “provide more Americans with more opportunities of their choosing,
including continuing education,” said a spokesman for the House Committee on Education and the Workforce.
The sprawling House tax bill, set for a vote on Thursday, would tax the value of college tuition benefits conferred on thousands of university employees like Mr. Vautour, one of several provisions
that would hit colleges, universities and their students, hard.
In addition to campus employees, many doctoral students would see huge tax increases, since the tuition
that universities waive for them in exchange for working on campus as researchers and teaching assistants would be deemed taxable income.
And if students take out more loans to pay their new taxes, they would face another surprise: Under the House bill, interest paid on student loans — a deduction
that more than 12 million people used in 2015 — would no longer be tax deductible.
By increasing household income, the bill overall would “provide more Americans with more opportunities of their choosing,
including continuing education,” said a spokesman for the House Committee on Education and the Workforce.