Impacts of Tax Reform on Graduate Students

Fellow CSU Graduate Students,

As some of you may know the federal tax reform currently proposed will have massive impacts on us as graduate students. If you are interest in taking action to stop this reform, please read this post for more information about the tax reform, and ways for you to contact your elected officials.

If you are not aware, there are three specific areas that it will affect:

  1. It will eliminate the student loan interest deduction.

–          As I’m sure most of us have student loan debt from our undergraduate studies, this will remove the $2,500 deduction we can take covering some of the interest paid while repaying our loans.

  1.  It will either eliminate or consolidate the various education based tax credits           currently offered.
  2.  It will end non-taxable tuition waivers.

–          This is likely the most impactful aspect for the majority of graduate students. According to the Dept. of Education approximately 145,000 graduate students receive tuition waivers nationally. This change means that the tuition that is waived for you working as a GTA, GRA, or GSA will be counted as income. It is estimated that this will increase the yearly taxes paid by $2,000 to $3,000; which may not seem like much, but means we will receive less of our monthly stipends. With the cost of living, especially rent, continuing to climb upward in Colorado this shift may mean many graduate students cannot afford a reasonable standard of living.

Follow these links for additional information:

https://www.vox.com/policy-and-politics/2017/11/7/16612288/gop-tax-bill-graduate-students

https://www.forbes.com/sites/startswithabang/2017/11/07/the-gop-tax-plan-will-destroy-graduate-education/?source=bloomberg

https://www.insidehighered.com/news/2017/11/07/grad-students-and-policy-experts-say-taxing-graduate-students-tuition-waivers-would

http://cgsnet.org/ckfinder/userfiles/files/CGS_Tax_Reform_Scenarios(1).pdf

http://mailchi.mp/59d004c1e0ce/opposing-the-tax-reform-bill-what-can-you-do

This is the link to the National Association of Graduate-Professional Students website page regarding the tax bill. It includes sample letters and call scripts for contacting our elected officials

Disagree with this proposal? Take Action:

  1. Send this to your departments, peers, and family members
  2. Contact Colorado’s elected officials. Use your personal email and not @colostate.eduso that they know you are representing yourself and NOT a university.

Attached is the contact information for our senators and congressional representatives. The weblinks go directly to the email message page of each individuals’ website. They all also have Twitter and Facebook accounts.

Elected officials contact information

THE EASIEST WAY: A form letter has been written on this website to send directly to representatives and senators now. Click here for action https://www2.acenet.edu/actioncenter/?vvsrc=%2fcampaigns%2f55189%2frespond

As of this time, all of the Democrat officials have already voiced opposition to the tax reform plan.

 

Your Graduate Student Council