Congresswoman Johnson opposes Republican Tax Bill that a new report shows 20,624 people in Texas will lose student loan interest deduction and 353,650 Texas teachers will lose deduction for buying school supplies:
“Affording an education is difficult enough in the 21st century economy,” said Congresswoman Johnson. “Yet, this brutal Republican tax plan would bury many students and graduates under a mountain of debt. Young men and women who reached for the promise of higher education will face a heavier burden from their loans that will push their American Dreams further and further from reach. If that weren’t cruel enough, our teachers and schools will also face devastating new costs.”
H.R.1, the Tax Cuts and Jobs Acts, eliminates key deductions for students, young graduates and teachers across the country, just to hand deficit-exploding giveaways to the wealthiest Americans and corporations shipping jobs overseas. In the 30th district alone, 20,624 people will lose the student loan interest deduction under the Republican bill, according to a new analysis by the Center for American Progress. Altogether, according to the nonpartisan Tax Policy Center, the House Republican bill raises taxes on 36 million middle class families nationwide.
This bill also takes numerous steps that would harm millions of students, employees, and teachers, including by ripping away the lifeline of the student loan interest deduction that 12 million graduates rely on, ending lifetime learning credits, ending tax-free tuition assistance from employers and decimating the state and local tax deduction that helps fund our schools. The Republican bill also eliminates deductions for teachers who buy school supplies for their students, stripping a key deduction away from 353,650 teachers in Texas.
“Educating our young people is the most important investment government can make,” said Congresswoman Johnson. “How will Texas Republicans justify stealing from students and schools, just so they can write bigger checks for the super-rich and corporations shipping jobs overseas? The American people deserve real tax reform that puts the middle class first, not the insulting rip-off that Republicans are pushing in this Republican Tax Scam.”
