If you are still a student — you are probably good at ignoring conversations about taxes.
But this one is important. I promise this is not a political post — only the facts.
The new GOP Tax Bill: Tax Cuts and Jobs Act could increase graduate student taxes by $1800-$3000.
Yes you — Student!
If you have been watching the news, you know that the new tax bill Trump has been raving about was marked up by the US House of Representative’s Committee on Ways and Means on Monday.
The committee estimates that the new bill will cut taxes by 114.6 Billion Dollars in 2018 alone and 1.4871 Trillion between 2018–2027.
Yes, 114.6 Billion.
Sounds glorious right!
Well think again. The tax bill does a few interesting things:
For individuals, the tax reform would cut taxes by 47.7 billion
For businesses, the tax reform would cut taxes by 125.2 billion
For foreigners, the tax reform would increase taxes by 58.1 billion