“Simply put, our current tax code is a cumbersome overbearance to hard working Americans. Its confusion and complexity devour more resources of hardworking taxpayers each and every year. Proposals such as ours will help simplify our complicated tax code and alleviate some of the burden, while still providing millions of Americans access to higher education and important job skills training.”
One tax incentive for higher education
By Senator Marco Rubio and Representative Aaron Schock (R-IL)
July 8, 2013
We both worked hard at a young age to be able to attend institutions of higher learning. While we both aspired to attend college, what we didn’t dream about was how we would ever afford it. Whether it was working long hours after school to save enough money or accessing the support network available to millions of prospective students through student loans, Pell grants and tax relief, we both found a way to make it work.
Unfortunately, shrinking household budgets, soaring federal deficits and funding streams run dry are jeopardizing this support system. One of the biggest problems is the temporary and confusing nature of our tax code, coupled with an antiquated Pell grant funding mechanism which can’t keep up with the current level of student need.
To address this uncertainty and confusion, we introduced legislation in June to condense, streamline and make permanent one tax incentive for higher education. Under our proposal, students or parents will no longer need to navigate a maze of different temporary tax provisions worth varying amounts and alternative income thresholds to determine what they qualify for. Instead our solution offers one credit for higher education for those most in need. Our credit is designed specifically for those who are within 500 percent and below of the poverty level and gets rid of specific stimulus “add-ons” our country can no longer afford.
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