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What the new tax plan means for students

What the new tax plan means for students”

Most campuses attract PhD candidates with both a modest stipend of about $30,000 annually for living expenses, such as rent and groceries, if they work on campus, and waivers on a significant portion of their tuition, which can range from under $15,000 annually for a state school to more than $50,000, depending on the program.

The House bill tax overhaul plan removes some benefits college students can receive, changes that have triggered protests on campuses around the country. The masterplan put forth is as follows: To fund the massive, permanent tax cut for corporations, the government will raise taxes on institutions of higher education and on university students themselves.

Graduate students from Illinois, North Carolina, New York, Missouri, California and Washington, D.C., came to voice their dismay with the Republican-authored tax overhaul plan.

Rhoads is pursuing a doctorate in neuroscience at Georgetown University.

Congress is beginning work on a compromise between the two separate tax plans passed by the House and Senate.

Although the Senate version of the tax bill did not tax waivers that cover the cost of tuition for graduate teaching and research assistants, the House version of the bill did.

"It will make paying for grad school while in grad school a little more hard because you'll have to make those tax payments but so many grad students are on scholarships or loans or programs", Booth said. Under current rules, it's not taxed as income. "Now if you recruit someone one with a full-tuition scholarship, it will be taxed", he said.

The Senate, which approved its tax reform package early Saturday morning, did not touch the graduate tuition exemption. However, differences in the bills must be hashed out in order to settle on a final plan. To find this additional money, states will potentially entertain the idea of spending less on higher education, meaning that tuition will increase for students. For example, if a student's tuition waiver accumulates to $20,000 then that amount would be added to the total taxable income the student makes, even though the graduate did not pocket the money. Graduate students could face significant tax increases if it becomes effective in 2018.

Ower said he was nervous about being arrested but, "I think it was definitely worth it given how bad this bill is for higher education".

Ravi Perry, a political science professor at VCU whose research areas include public policy said an impact of the bill may be a severe decrease in the number of global student applicants to the country's graduate programs. The provision has been a part of USA tax law for more than 50-years.

It could also disproportionately impact students of color, especially those in STEM programs who most often receive tuition waivers for teaching or research.

Ower and others argue that these changes harm access to higher education and could make it impossible for lower-income families to afford higher education. He estimates the tax would cost him an extra $3,000 to $5,000 a year. According to Vox, Republican lawmakers hope to deliver a bill to President Trump by the end of the year.

Hard-working students, whose well-developed talents we need now more than ever, are counting on you.

When asked on the backslash received by the GOP tax, Jorge Flores, internal vice president of College Republicans at UCR, claimed the bill would help middle class families by providing tax breaks, creating more help in child tax credit. "It's just not good tax policy or tax reform".

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