The government attack on US college students
20 November 2017
The US House of Representatives passed a tax cut bill Thursday whose reactionary and anti-working class character has no modern precedent. An estimated $1.5 trillion in tax cuts are awarded to corporations and the super-rich, partly through increased federal deficits—which will undermine entitlement programs such as Social Security and Medicare—and partly through increased taxes on millions of working-class and middle-class people.
Among the most savage cuts are those targeting young people at the onset of their productive lives—those attending community colleges, universities and graduate schools. These young people are already facing a future of immense and likely unrepayable student loan debt. More than 44 million Americans hold a total of $1.4 trillion in student debt, a sum greater than total US credit card debt or automobile loans.
Student loan debt could soon rival the total debt for home mortgages. The average payoff time for a student loan is approaching 20 years, and more than 3,000 people default on federal student loans every day.
The tax plan of the House majority, should it pass the Senate and be signed into law by President Trump, would drastically worsen the conditions of life for millions of youth and young adults who are already struggling. The House bill would increase the cost of attending college by $65 billion over the next ten years, according to an estimate by the American Council on Education (ACE).
It repeals the tax deduction for interest payments on student loans, which provides a saving of up to $625 a year for student loan borrowers making less than $65,000 or married couples making less than $130,000. In 2015, more than 12 million people filed tax returns with deductions for…