Make Student Loan Interest Tax Deductible for All Borrowers
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Make student loan interest payments tax deductible for all taxpayers! Tax laws allow business owners to deduct interest paid on business loans and homeowners to deduct interest paid on home loans without limit, but student loan borrowers are not allowed to deduct more than $2,500 of interest paid on student loans. Even that minimal deduction is only available to student loan borrowers who are below the arbitrary income limitations set by Congress. I worked hard to obtain a professional degree and I paid almost $10,000 in student loan interest to the Dept. of Education alone in 2016. Nevertheless, because I am just over the income limits set by Congress, I am prohibited from claiming even $1 of the interest payments as a tax deduction. I am not alone among working class individuals who borrowed money to obtain a higher education. Extending the student loan interest deduction will afford much needed tax relief to many hard working taxpayers.
Tax laws already incentivize investments in business and real estate by allowing business owners and homeowners to deduct interest payments on business and home loans. Surely, an investment in higher education is equally worthwhile. I am urging Congress to pass a law which will allow all taxpayers who have paid interest on student loans to claim an unlimited deduction on their federal income tax return and eliminate the arbitrary income limitations that prevent many borrowers from deducting even a single dollar of the interest they pay on student loans. This change in the existing tax laws will afford real tax relief to millions of student loan borrowers. This should be a non-partisan issue. Both parties campaigned on the promise of helping the middle class and this is one reform that can reduce taxes for millions of people while also creating an incentive to repay student loans.
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