Economy

Mast-backed tax bill socks it to grad students like me

Mast-backed tax bill socks it to grad students like me

Specifically, repealing the income exclusion for graduate tuition waivers would remove a protection for graduate students that allows them to avoid paying a substantial tax, wrote the US lawmakers, who included Republican Representatives Susan Brooks of Indiana; Dr. Michael C. Burgess, Lamar Smith and Bill Flores of Texas; Tom Cole of Oklahoma; Rodney Davis and Randy Hultgren of Illinois; John Katko of New York; Steve Stivers of Ohio; Evan Jenkins of West Virginia; and Glenn "GT" Thompson of Pennsylvania. My income is near $37,000, and I receive a tuition waiver as one of my benefits for employment - common at graduate schools across the country. But under the tax plan that passed the House of Representatives last month, these waivers would be considered as income. The version of the bill passed by the Senate did not include such changes to how tuition waivers are taxed.

Reilly says it would be a big change in their financial status.

This could have a detrimental effect on a student's ability to pursue higher education, or consider a career change that might involve graduate school.

Graduate students are the blue-collar workers in university research efforts that affect local, national and global economies, and they make a difference during periods of great transition in the world.

Many PhD students don't take classes after their first few years and instead teach or work in a university lab.

Citing potential harm to the United States' technological competitiveness and global science and industry status, 31 Republican members of Congress urged House and Senate leaders in a December 7 letter to oppose repealing a tax provision which keeps graduate tuition waivers tax-free when crafting the final version of the Tax Cuts and Jobs Act. A lot of grad students do work. A graduate student attending the University under the similar circumstances but taking three or two credits each semester would stand to see a tax increase $6,578 or $1,409, respectively, according to the calculator.

Tuition waivers help to reduce the overall out-of-pocket cost of a graduate degree.

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According to the most recent data by the Department of Education, as many as 145,000 grad students could be affected.

At the same time, Brady left open the possibility the tuition waiver income tax could be absent from the final version.

"We're listening, we're hearing from lawmakers that this provision at the university level is an important one", Brady said.

The American Council on Education (ACE), the leading lobbying group for institutions of higher education of which the University is a member, is lobbying against the provision in addition to other elements of the bill. "This is going to add several thousand dollars of taxes on us, it's going to make it impossible to work here". The calls expressing opposition to the provision were directed at senators across the country.

"This bill impacts both current graduate students and undergraduates aspiring to apply to graduate programs", Lee said.

I'm a middle-income earner, and my taxes would more than triple under the Tax Cuts and Jobs Act. As the next generation of college faculty and working professionals, graduate students work tirelessly to obtain the advanced knowledge and professionalism to contribute and succeed.


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