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Students to Suffer Under GOP Tax Plan

Under the proposed tax plan, higher education cost would increase for many students.

Noah Thatcher

Noah Thatcher

Richard Molina, News Editor

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On Thursday Nov. 16, the House of Representatives approved a tax cut bill by a vote of 225 to 207. House Speaker Paul D. Ryan (R-Wis.) was excited to support the measure at the announcement press release:

“Passing this bill is the single biggest thing we can do to grow the economy, restore opportunity and help these middle-income families that are struggling.”

Republicans hope the tax cuts will incentivize corporations to invest in domestic industries and help stimulate the economy and job growth, making the extra profits generated trickle back down to the average taxpayer.

Democrats were unanimously opposed to the measure and were joined by 13 Republicans, 3 of which included California representatives Darrell Issa of Vista, Tom McClintock of Elk Grove and Dana Rohrabacher of Costa Mesa. Issa believed the bill “could be made better”, while others claim it did not do enough for small businesses.

The trickle-down theory has long been used by Republicans to justify lowering taxes and Democrats have critiqued it for never actually working out the way Republicans paint it out to. House Minority Leader Nancy Pelosi condemned the tax cut as it “preys on the middle class” in favor of corporate interests.

The bill has raised particular concerns on university campuses across the nation for the way in which it affects graduate students. An analysis done by the Urban & Brookings Institute Tax Policy Center has revealed that the cost of higher education would substantially increase for many:

“The bill would retain the American Opportunity Tax Credit (AOTC), the main tax benefit that provides educational assistance for low and moderate income families.  At the same time, it would eliminate other education tax credits, deductions, and other incentives.  Graduate students and workers attending school part-time could see the largest tax increases.”

Under the new tax plan, the graduate stipends and tuition waivers awarded to students so they can teach or conduct research for the university will be counted as a taxable income. Many graduate students are already in debt with student loans and rely on these stipends and waivers for economic stability.

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The student news site of California State University - Los Angeles
Students to Suffer Under GOP Tax Plan