ACE, Other Higher Education Groups Launch Resource Page to Inform Public of Tax Code’s Impact on Students, Institutions
House Republicans have pushed back the release of their signature tax reform bill until tomorrow, as representatives continue to hash out how to pay for the proposed $5.5 trillion in tax cuts, as Politico reported Tuesday night.
House and Senate leaders have said they hope to have tax reform bills passed by Thanksgiving break and signed by President Trump by the end of the year.
According to Politico, among the unresolved issues in the House are how to win over GOP lawmakers from high-tax states who are hesitant about curbing the state and local tax deduction; how to ensure wealthy individuals do not take advantage of the lower 25 percent small business or “pass-through” rate; and what to do about high-profile concerns such as 401(k) retirement plans.
There are a number of ways that higher education institutions, students, and families could be affected by such a potentially wide-ranging tax reform initiative, from charitable giving deductions to tax provisions that help students save, pay, and repay the cost of college.
In anticipation of this legislative effort, ACE, in collaboration with a group of other associations that work on tax policy, has launched a web page to better explain the impact of tax reform on higher education. The page covers four primary areas: charitable giving and endowments; student and family benefits; human resources and employee benefits; and higher education finance.
ACE and other associations will be analyzing the tax bill as soon as it is released and will add a “Contact Congress” tool to the web page to allow campus leaders, students, and other individuals to share their views and concerns about the legislation with lawmakers.