Current GOP Tax Plan

[Belsnickel]

(12-19-2017, 11:02 AM)Aquapod770 Wrote: Snarky comments aside, I'd legitimately like to hear those provisions that will affect you. Everything I've seen looks like a straight up cut across the board. With some groups getting bigger cuts than others. I know they've gotten rid of some deductions (and increased others). If you don't want to tell me that's fine. I understand not wanting to divulge personal info on a message board. Just trying to be more educated.

I can actually refer you to this:

(11-07-2017, 12:41 PM)Belsnickel Wrote: In my area, the proposed bill has the opportunity to really damage higher education across the country: http://www.chronicle.com/article/Republican-Tax-Proposal-Gets/241662

tl;dr: The proposal eliminates a lot of credits and programs that will make college less affordable and will reduce investment revenue and charitable receipts.

On a personal note, this also results in me having to stop my education if this passes as is. Eliminating the tax exemption under IRC section 117 (d) means that my tuition waivers become taxable income, which isn't something I would be able to afford since I work for a state that does a shitty job compensating its employees.

Now, since I made my comment the bill has been changed. http://insidehighered.com/news/2017/12/18/large-endowments-would-be-taxed-under-final-gop-tax-plan?utm_content=buffer8f221&utm_medium=social&utm_source=twitter&utm_campaign=IHEbuffer

Both the 117(d) issue and student loan interest would have raised my taxes. Since then, the loan interest issue has been removed and (I believe) the 117(d) issue as well.