The Republican tax plan at present traveling through Congress could have conceivably destroying consequences for a sudden gathering, especially on students. It contains an arrangement that would make certain types of college educational cost waivers consider assessable pay.
Worried about it, two graduate students at UC Berkeley have developed an online calculator that lets other grad students figure out what the plan might cost them.
This online calculator offers graduate students a sense of how their taxes will change under the new law. Students designed it for students who file singly, and therefore have (relatively) simple taxes.
Kathy Shield, a graduate student in nuclear engineering said, “We used it to look at the situations of married students, those with dependents and those who own homes.”
“In each case, our calculator indicates that their taxes will increase if the changes in the House version of the tax bill go through.”
Vetri Velan, co-builder of the calculator said, “It was part of a broader effort by graduate students across the country to draw attention to the impact the tax plan would have on them and on higher education.”
“I felt the calculator would raise awareness by showing students the effects on their own personal finances.”
The Senate adaptation of the Republican tax plan, up for a vote soon, is noiseless on educational cost waiver, yet in the event that it passes, it will go to meeting with the House variant. But the main concern is, what will be in the version that emerges from conference.
“We want to make sure it does not contain the grad student tax,” said Velan.