BREAKING: Trump Announces First Tax Cut – Do You Qualify?
Trump ran to make America great again, promising to take the hatchet to every job-killing policy Obama saddled us with for eight years. He’s making good on that promise already.
In the House and Senate, the Republicans are writing a scholarship tax credit proposal, a tax credit for people who donate to organizations that give out scholarship programs, via US News. Generous Americans are finally getting a reward!
Since this measure is riding on the overhaul of taxes in general, this plan will not have to stand alone to be passed like an education voucher bill or a bill that would make federal loans for poor or disabled students portable, both of which have been floated.
Neal McCluskey, the Cato Institute’s Center for Educational Freedom director, stated, “A tax credit would get a lot less political push-back.” This is something the Department of Education would not be directly involved in because it’s dealing with the tax code, but Secretary Betsy DeVos could be the spokesperson for this tax credit proposal.
For the last two terms, Obama and the Democrats have wasted untold amounts of our tax dollars propping up a broken and failed school system. For all the billions they’ve spent, all they’ve done is make schools worse thanks to Michelle Obama refusing to focus on anything other than school lunches.
Programs for a scholarship tax credit let people or companies write off a percentage of state taxes that are owed because they make donations to non-profits and scholarship organizations for private school students. Students then use this voucher to cover their school bills at private schools approved by the scholarship program.
Presently, 17 states have some form of tax credit for scholarships. Some differ in amounts and types that people can write off, and the eligibility of students differs as well. How this program will be structured is currently unknown.
Trump’s White House has given a few details about the agenda of private school choice, one of them being a $250 million proposal that has been added to President Trump’s 2018 fiscal year spending plan, proving that his knowledge of finance and budgeting is truly coming in handy.
Both President Trump and Secretary DeVos have used a lot of political capital referencing the scholarship tax credit program in Florida. Trump mentioned Denisha Merriweather last month in a congressional joint address, congratulating the woman who received a voucher to attend private school and was the first member of her family to graduate from both high school and college.
After that, Trump and DeVos went to an Orlando Catholic school where many students are able to attend the school because of vouchers from the state’s scholarship program. This is something that should be done across the nation. People give, and get tax cuts, and students receive good educations.
This program was first implemented in Florida in 2001 under former Governor Jeb Bush, and it allowed companies to apply for a tax credit for income taxes, excise taxes, sales tax, or other taxes. The income tax, the most common, can be worth as much as 75 percent of the company’s income liability overall. These scholarships are then given to students from low-income families who are entering school or have attended public school previously.
However, it all varies from state to state, so an encompassing measure for the entire country would have to be created. Many of the programs have a cap in the number of tax credits that are awarded — this is so policymakers are able to plan for a state revenue loss.
The liberals are sure to criticize this measure as they do with everything Trump creates or supports. They will likely fight and dig in their heels over any of the proposals for private school in the tax reform bill. It’s unknown how quickly the administration will move to create this bill, but experts are expecting to have a better understanding of the proposal in the next couple of weeks.
What do you think about this tax credit proposal? Do you support it? Please share this story on Facebook and tell us because we want to hear YOUR voice!