GOP tax bill could impact students, UW-Madison’s Alumni Association explains how
The Wisconsin Alumni Association highlighted how students could be affected by the GOP tax bill.Image By: Brandon Moe
Students could be affected if the GOP tax bill passes, according to the Wisconsin Alumni Association, who took a stance on the controversial measure in a petition addressed to congressional leaders.
The petition, highlighted four prominent provisions of the bill which could affect students.
The association argued, that by eliminating the student loan interest deduction, the student loan cost would increase by approximately $13 billion over the course of ten years for those who need assistance.
The petition also addressed the American Opportunity Tax Credit, which allows for education expenses to be paid for eligible students in their first four years. The petitioners asked that it be expanded upon as a replacement for the Lifetime Learning Credit, a credit which helps students pay for high education degree courses.
The bill would also impact graduate student training, according to the WAA. The current tax code gives tuition reductions to graduate students who are teaching as well as research assistants, and are not counted as taxable incomes. However, if the GOP tax bill is enacted, this could give less support to graduate students.
Additionally, UW-Madison’s Alumni Association also asked that capital costs be reduced. If finance options, such as tax-exempt bonds and lower rates of refinanced debts, are eliminated these could have later effects by add more costs to students.
The U.S. Senate could vote on the tax bill as early as Friday.Subscribe to The Daily Cardinal Newsletter