We began discussing the proposed changes to personal tax filings yesterday. We’ll finish with the changes to the individual tax system today-and then go on to the changes to the business tax filings.
Let’s reiterate what I said yesterday– I don’t expect this bill to pass. Certainly not the way it was presented in the bill. These posts were written on 2 November- when the bill was published. Since then, the House has proposed changes to its own bill. And, 1 week later, the Senate published a slightly different version- which means that I will be adding to this series to contrast the differences between the two bills. (This series that was 5 blogs will now be 7.)
The student loan program known as Grad PLUS, was enacted under President George W. Bush’s tenure in 2006. This program provided graduate and professional students (almost) unlimited access to borrowing power- at below market rates. The cap had been $ 138,500 for grad school (which also included college debt that was still unpaid- that undergraduate cap is unchanged at $ 57,500). And, now- the program has new features like long-term debt forgiveness and income-based repayment.
College tuition. OK. Breathe… Yes, it’s high- very high. It amazes me that the highest tuition in the land is to be found at a STATE university. When I was going to college – back before we were a free nation- you could bank on two things. State schools were cheap. State schools were easier to get into.