Schumer Renews Call On Senate to Extend His College Tuition Tax Deduction Before Adjourning
Schumer Renews Call On Senate to Extend His College Tuition Tax Deduction Before Adjourning
We all know about the rising cost of college tuition. It is one of the issues that American families struggle with every single day. I think, more than anything else, this is what parents worry about when they go to bed at night: "How are we going to pay?" It is undeniable that sustaining a talented, college-educated workforce is essential to our success in the global economy. The irony is that igher education has become a necessity, yet it is priced like a luxury. College tuition has outpaced inflation for the past 26 years, which means hard choices for the family budget. Every time an American doesn't go to college because he can't afford it, or go to the college they should because they can't afford it, they lose; their family loses; and America loses.
I was one of the authors of the tuition deduction, the above the line deduction, Senator Snowe and I had been pushing it. It was passed in 2001. It allowed up to $4000 in tuition expenses for families with an income below $130,000, and up to $2000 for families with less than an income of $600,000. I was terribly disappointed that the House and Senate leadership let this expire. In the Senate, Senator Grassley supported it in a bi-partisan way. We passed it with 66 votes. Yet in what was clearly a case of misplaced priorities, the Conference Committee eliminated it and chose to restore some massive breaks for oil companies instead. Mr. Chairman mentioned this became an issue in the campaign, and it should have. This Congress should not have let the tuition break lapse.
So I hope we can amend that now. I want to praise both the Chairman and Ranking Member because I know they are trying to get this done in the wee hours of the 109th Congress. I'm hopeful this two year extension, which needs to be retroactive to the past January oSchumer Renews Call On Senate to Extend His College Tuition Tax Deduction Before Adjourningr middle class families won't get it, will pass.
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