STATEMENT ON TAX CUTS AND JOBS ACT PASSED TODAY

Bill passed by Congress avoids worst provisions for students and borrowers from past versions, but still harms how we fund higher education

Today, Congress passed H.R. 1, “The Tax Cuts and Jobs Act,” (Brady, R-TX) sending the bill to President Trump for his expected signature. Since its introduction in the House of Representatives, several of the provisions that most concerned higher education advocates have been removed due to wide public opposition. The bill’s author, Congressman Kevin Brady, said that these changes reflected, “how closely we listened to the American people as we worked to finalize the bill.” Reductions to tax credits that help families pay for college and a provision to make interest payments on student debt taxable were removed from the final version of the bill. While more immediate impacts on how students and families pay for college were avoided, this flawed bill would still undermine higher education financing by adding significant pressure to the budgets for states like California and the federal government. .