Friday, December 01, 2006

Democrats want to make college tuition tax deductible

The tax code as far too complicated. It is over six million words.

There is not one person in the United States who understands the tax code.

I have read several surveys that show that when taxpayers and tax preparers call the IRS with questions about the tax code the IRS answers them WRONG about 40% of the time.

I think it is extremely likely that Congress will make the cost of college tuition fully tax deductible in the next few weeks. The Republicans tried to pass this bill by lumping it with an increase in the minimum wage and with repealing the "death tax." The Democrats defeated it since they love the "death tax."

I will keep an eye on this...

The "Devil will be in the details." Depending on how it is done this could make the tax code even more complicated...

I will lete you know how this goes...

Mike Sylvester

3 comments:

William Larsen said...

Tax Credits to go to college. This is just plain stupid. We have huge general budget deficits and these idiots want less federal revenue. If you want to go to college and are smart enough to go, then you will find a way to pay for it. Too many go to college and end up never using their degree.

Let's face facts, there are only so many positions available that require a degree. What I support would be vocational training., but still the person should be responsible for paying for it.

All credits do is subsidize someone's own spending. We have child tax credits, exemptions for chairity, mortgage, taxes, and more. Why not eliminate all these and reduce the tax rates. If you want to spend money on something do it without regard to whether it will be subsidized by other taxpayers.

Jeff Pruitt said...

"We have huge general budget deficits and these idiots want less federal revenue."

I don't agree that this reduces federal revenue long term. Eliminating the Paris Hilton tax, giving new tax breaks to the top 1%, giving tax breaks to corporations that move their factories overseas - all these certainly DO reduce federal revenue and I think we know which party supports these.

Why not eliminate all these and reduce the tax rates

Typically tax credits/breaks are given for behaviors that the federal government wants to reinforce - home ownership, charity, education, etc.

Too many go to college and end up never using their degree.

Do you have any facts to back this assertion up? All the people I know and/or work with that went to college are now employed in a field related to their major.

Robert Enders said...

Isn't college tuition already deductible as an education expense?