Governor Bruce Rauner endorsed the Trump-Republican tax plan, which in addition to dramatically cutting benefits to the wealthiest Americans like himself, would increase the cost of attending college.
The cuts to education assistance in the bill will cost students and families more than $71 billion over the next decade, according to the Joint Committee on Taxation.
According to Politico, “The Congressional Republicans’ plans to slap unprecedented new taxes on higher education have left college leaders shocked and scrambling.”
The bill would eliminate the tax benefit that helps graduates and their families pay off student loan interest – a deduction used by thousands of Illinois college students and their families.
The bill also removes the waiver that prevents graduate students and university employees from being taxed on their tuition benefits, which would increase their taxes by as much as 400% and could harm the nearly 1,400 faculty and staff at the University of Illinois who receive tuition assistance.
Finally, the bill abolishes a program that incentivizes employers to help graduates pursue higher education.