has anybody heard anything else about Gore's promise for college student aid?
- Thread starter vi edit
- Start date
He proposed it as a 10000 dollar tax credit if I remember correctly. And if I'm interpreting correctly, this probably means that one will be able to deduct 10000 dollars from their taxable income. Which sounds great, until I remembered that college students barely pay any federal income tax as it is. Deducting 10000 dollars off the average college students income will have a minimal , if not zero, difference in their income tax burden.
Exactly...the credit doesn't help because most college students don't earn enough
to pay fed taxes anyways.
It would be better to give college students grants (free money to pay for
tutition & books)
to pay fed taxes anyways.
It would be better to give college students grants (free money to pay for
tutition & books)
- Oct 28, 1999
- 62,387
- 8,154
- 126
Napalm,
you're saying the plan works as following: If I pay $2,500 into federal income tax, then I could get a tax refund of $2,500 provided that I show proof of paying for school bills?
Hmmm...that would have come in nice the last two years of college.
you're saying the plan works as following: If I pay $2,500 into federal income tax, then I could get a tax refund of $2,500 provided that I show proof of paying for school bills?
Hmmm...that would have come in nice the last two years of college.
- Oct 28, 1999
- 62,387
- 8,154
- 126
I can also see it as a big help of those of us who do work full time while in college and do pay a heafty amount income tax.
My senior year of college I paid in 2,500 in federal income tax. Sure would have come in handy. Same goes for my girlfriend. She's working full time and going to school as well. She pays in about the same amount.
Sure would be nice to take that five grand between the two of us and have it refunded as opposed to having to stick it on a loan.
My senior year of college I paid in 2,500 in federal income tax. Sure would have come in handy. Same goes for my girlfriend. She's working full time and going to school as well. She pays in about the same amount.
Sure would be nice to take that five grand between the two of us and have it refunded as opposed to having to stick it on a loan.
Nope. What I'm saying is that before this plan, your amount of income tax would look something like this:
(marginal tax rate) * (Gross income - standard deductions).
After plan: (marginal tax rate) * (Gross income - standard deductions - $10000 credit).
A bit simplified, but it gets the point across.
(marginal tax rate) * (Gross income - standard deductions).
After plan: (marginal tax rate) * (Gross income - standard deductions - $10000 credit).
A bit simplified, but it gets the point across.
Clarification needed:
Did Gore promise a tax credit for the STUDENT or for the FAMILY of the student (Assuming student is a dependent here) ???
Please back up responses with a link to a reputable source, not "I think he said this... " or "I think he said that..."
Did Gore promise a tax credit for the STUDENT or for the FAMILY of the student (Assuming student is a dependent here) ???
Please back up responses with a link to a reputable source, not "I think he said this... " or "I think he said that..."
You got it right, Gores plan does not help the poorer college students at all.
If you are in the 28% tax bracket, and can prove the college expenses of $10,000 then you can deduct it off your income for a grand total of $2,800 back.
If you are in the 15% tax bracket, then the most you can get back is $1500.
Sure sounds like Gores plan does not help the poorest students.
Of course deductions are already in place that entitle you to $2000 back, Gores plan only increases the maximum that you can get back by $800. Somehow he forgot to mention that during the debate.
Of course this will futher complicate an already screwed up tax system helping only the tax lawyers and tree loggers because of the increased paper work.
If you are in the 28% tax bracket, and can prove the college expenses of $10,000 then you can deduct it off your income for a grand total of $2,800 back.
If you are in the 15% tax bracket, then the most you can get back is $1500.
Sure sounds like Gores plan does not help the poorest students.
Of course deductions are already in place that entitle you to $2000 back, Gores plan only increases the maximum that you can get back by $800. Somehow he forgot to mention that during the debate.
Of course this will futher complicate an already screwed up tax system helping only the tax lawyers and tree loggers because of the increased paper work.
Sorry bout the lack of references, but I was more concerned with replying than searching for a reference. Anyways, from the Al Gores web site...
Q.What would you do to reduce tuition costs for students entering college?
A. ...However, I feel that we need to go further and create more opportunities for affordable higher education. That is why I have proposed a National Tuition Savings plan that would allow families to save for their children's college education inflation-free and tax-free. I support the president's budget proposal to make up to $10,000 worth of college tuition tax-deductible.
This is obviously directed towards families, but makes no mention of college students specifically.
Q.What would you do to reduce tuition costs for students entering college?
A. ...However, I feel that we need to go further and create more opportunities for affordable higher education. That is why I have proposed a National Tuition Savings plan that would allow families to save for their children's college education inflation-free and tax-free. I support the president's budget proposal to make up to $10,000 worth of college tuition tax-deductible.
This is obviously directed towards families, but makes no mention of college students specifically.
More quotes...
<< You?re right, Nicholas, the rising cost of higher education is keeping students from continuing their education, effectively creating what I call an Education Gap. So that is why as president, I will fight to improve educational opportunities for all Americans. Under my administration, higher education will be more affordable for students with the use of 401(j) savings accounts. Through these accounts, students will be able to save money for college?tax-free?for lifelong learning for themselves, their spouse or their child?s education. College will also be more accessible to students through a National Tuition Savings program where individual tax-free savings accounts can be established and be transferable for working families who move from state to state. >>
No specific mention of a tax credit for students themselves.
<< You?re right, Nicholas, the rising cost of higher education is keeping students from continuing their education, effectively creating what I call an Education Gap. So that is why as president, I will fight to improve educational opportunities for all Americans. Under my administration, higher education will be more affordable for students with the use of 401(j) savings accounts. Through these accounts, students will be able to save money for college?tax-free?for lifelong learning for themselves, their spouse or their child?s education. College will also be more accessible to students through a National Tuition Savings program where individual tax-free savings accounts can be established and be transferable for working families who move from state to state. >>
No specific mention of a tax credit for students themselves.
College Opportunity Tax Cut: While higher education has become ever more important for employability, salary level and job satisfaction, it has also become more and more expensive. Al Gore supports the Administration's proposed College Opportunity Tax Cut, which would provide a choice between a tax deduction or a 28 percent tax credit on up to $10,000 in tuition in order to make college, graduate school, and courses taken for a job more affordable.
source
source
<< So my girlfriend could start deducting XX% of her paycheck, tax free, to apply twords school bills? >>
As long as she's not a member of the EVIL RICH!!!
vi_edit, there's a tax caluclator around here somewhere,(can someone post a link please). I think it's possible that Bush's plan will actually save you more money. A tax cut for everyone, not the targeted few.
One more of the reasons to vote for Gov. Bush.
One more of the reasons to vote for Gov. Bush.
I thought we were talking about the Gore college student aid plan?
He said something about a $10,000 credit/family/year but didn't give any details.
He said something about a $10,000 credit/family/year but didn't give any details.
Woodie, if you can find anyone that understands Gore's plan for student aid or can explaing his targeted tax cuts, let me know.
Smoke and mirrors and more trees cut down, that's Gore's plans.
Smoke and mirrors and more trees cut down, that's Gore's plans.
I wasn't trying to defend Gore, just state what I heard him say.
I did find this story on the debate Tuesday:
Kathleen Hall Jamieson, a University of Pennsylvania scholar who studies accuracy in debates and ads, said.....
Fiction: Gore said, "I want to give every middle-class family a $10,000-a-year tax deduction for college tuition."
Fact: That's true, but a tax credit is already available for that purpose and makes up most of the value of his benefit. Gore actually offers people a choice of an increased tax credit or the tax deduction. The additional benefit, for many families, would be $800.
From where I sit it seems Gore will say whatever he thinks is necessary to get your vote.
I did find this story on the debate Tuesday:
Kathleen Hall Jamieson, a University of Pennsylvania scholar who studies accuracy in debates and ads, said.....
Fiction: Gore said, "I want to give every middle-class family a $10,000-a-year tax deduction for college tuition."
Fact: That's true, but a tax credit is already available for that purpose and makes up most of the value of his benefit. Gore actually offers people a choice of an increased tax credit or the tax deduction. The additional benefit, for many families, would be $800.
From where I sit it seems Gore will say whatever he thinks is necessary to get your vote.
TRENDING THREADS
-
-
Discussion Intel current and future Lakes & Rapids thread- Started by TheF34RChannel
- Replies: 23K
-
Discussion Zen 5 Speculation (EPYC Turin and Strix Point/Granite Ridge - Ryzen 9000)- Started by DisEnchantment
- Replies: 10K
-
Discussion Speculation: Zen 4 (EPYC 4 "Genoa", Ryzen 7000, etc.)- Started by Vattila
- Replies: 13K
-
Discussion Intel Meteor, Arrow, Lunar & Panther Lakes Discussion Threads
- Started by Tigerick
- Replies: 7K
Facebook
Twitter