Winners and Losers in the Republican Tax 'Reform'

[Syriusly]

Winners: Millionaires- with the elimination of the Millionaire Estate Tax

Losers: Students and Teachers

Losers: Grad Students- with the elimination of the Tuition exemption

Losers: Teachers- with the elimination of the tax deduction for school supplies

Losers: Students- with the elimination of the Student loan deduction

GOP Tax Plan: The Biggest Winners and Losers
Student loan borrowers
The GOP plan would scrap the tax deduction for student loan interest payments. Under current law, nearly anyone with student loans can subtract as much as $2,500 in interest payments from their income before calculating taxes. The GOP plan would stick student loan borrowers with a tax hike of up to $625 a year.

Ph.D. students
The plan is an assault on higher education. It taxes free tuition as though it were earned income. Imagine you're a science Ph.D. student working in a lab. Despite years of training, you're not very well paid, making $30,000 a year or so. But you can get by because the university waives your tuition, which might otherwise cost $50,000 a year. The Republican tax plan would redefine that $50,000 in unpaid tuition as income; so instead of paying taxes on $30,000 in salary, you would suddenly get taxed on $80,000 – with no additional cash in your budget to pay the IRS.

Teachers
The GOP plan would end the $250 tax break for teachers who spend their own money on class supplies. (The average teacher spends more than $500 out of pocket for their classroom.)

 

[depotoo]

You guys just won’t quit, even though it is good for you. Got to carry the party line. Dems are scared to death because they know people will experience its benefit and they will lose even more voters.

 

[ScienceRocks]

The GOP only cares about the rich! They want to turn this country into a third world shit hole with the rich on top and everyone else being peons.

I hate the fucking GOP.

 

[JGalt]

The GOP only cares about the rich! They want to turn this country into a third world shit hole with the rich on top and everyone else being peons.

I hate the fucking GOP.

Donald Trump approves of your butthurtedness.

 

[Syriusly]

You guys just won’t quit, even though it is good for you. Got to carry the party line. Dems are scared to death because they know people will experience its benefit and they will lose even more voters.

You guys want to do anything but talk about the winners and losers in this 'tax reform' bill. People will experience the benefits- Millionaire families especially. Teachers and students- not so much.

Winners: Millionaires- with the elimination of the Millionaire Estate Tax

Losers: Students and Teachers

Losers: Grad Students- with the elimination of the Tuition exemption

Losers: Teachers- with the elimination of the tax deduction for school supplies

Losers: Students- with the elimination of the Student loan deduction

GOP Tax Plan: The Biggest Winners and Losers
Student loan borrowers
The GOP plan would scrap the tax deduction for student loan interest payments. Under current law, nearly anyone with student loans can subtract as much as $2,500 in interest payments from their income before calculating taxes. The GOP plan would stick student loan borrowers with a tax hike of up to $625 a year.

Ph.D. students
The plan is an assault on higher education. It taxes free tuition as though it were earned income. Imagine you're a science Ph.D. student working in a lab. Despite years of training, you're not very well paid, making $30,000 a year or so. But you can get by because the university waives your tuition, which might otherwise cost $50,000 a year. The Republican tax plan would redefine that $50,000 in unpaid tuition as income; so instead of paying taxes on $30,000 in salary, you would suddenly get taxed on $80,000 – with no additional cash in your budget to pay the IRS.

Teachers
The GOP plan would end the $250 tax break for teachers who spend their own money on class supplies. (The average teacher spends more than $500 out of pocket for their classroom.)