The finally bill doesn’t include a change to teacher tax deductions – which was eliminated in a House bill last month – so teachers can still deduct $250 for supplies they buy out of their own pockets. One last-minute change to the bill spared a tax exemption for bonds that paid for the construction of sports stadiums that was in peril in a previous version of the bill.
Ramifications of the bill for college students
The tax bill still contains several provisions that could reduce donations to colleges and result in cuts to public higher education funding. “Changes to financial-aid programs and tax reform could negatively affect enrollment and tuition-revenue growth, philanthropic support, and the cost of borrowing,” the report read.
Miller said that the tax bill will ultimately pit higher education funding against an increasingly small social services budget. “In the grand scheme of things, higher education is very important but people need to eat first and K-12 is a fundamental right in the constitution in a way that higher education is not. The long-term ramifications of the bill overall are awful for education.”
The tax bill won’t do much to stimulate the economy
Still, the biggest point is this: the tax bill is going to lead to a deficit, which won’t exactly help with needed funding for public education.
Although Republicans argue that the bill will supercharge economic growth so much that the bill would pay for itself, a Joint Committee on Taxation Join The Conversation