Congressional Action On Tax Reform Legislation

Yesterday, the House of Representatives approved tax reform legislation, H.R. 1, by a vote of 227-205 and the Senate Finance Committee approved its own version of a tax bill. The Joint Committee on Taxation in Congress estimates that the House bill would cost students and their families more than $71 billion over the next decade through such changes as repealing the student loan interest deduction and making graduate student tuition waivers taxable income. If Senate legislation is approved, a conference committee will attempt to resolve differences between the two chambers.