Maryland Independent College and University Associatation
The Tax Cuts and Jobs Act introduced by the House Ways and Means Committee provides massive tax cuts for some while increasing college costs for students and families by $65 billion. Don’t take my word for it. Look at the Committee’s summary of the legislation. The bill eliminates student loan interest deductions, abolishes certain tax-preferred college savings accounts, and jettisons the Lifetime Learning tax credits.
At the same time, the bill costs nonprofit colleges and universities $47 billion by creating an excise tax on endowment earnings, imposing new taxes on unrelated business income, and changing the tax status of private activity bonds. These policies make higher education less affordable; decrease access for economically disadvantaged students; and reduce basic and applied research activities that create jobs, improve health, and make us safer at home and abroad.
This is not a job-creation act, it is a job-killing act. American workers cannot compete on the world stage for low-paying, unskilled jobs. Nor should they! Americans excel as innovators, entrepreneurs, skilled laborers, and knowledgeable professionals.
At a time when the entire nation is concerned about college affordability and student loan debt, Congress is moving in the wrong direction by making it harder for families to afford an education and saddling students with more debt. Our children and grandchildren deserve a better plan.
America needs tax reform legislation that rewards businesses that invest in workers, makes college more affordable, and expands research and development activities.
Tina Bjarekull, President
Maryland Independent College and University Association_________________________________________________________________________________________________________________
The Maryland Independent College and University Association (MICUA) is a member-driven organization devoted to serving the interests of independent higher education and supporting the work of campus leaders throughout the State. Established in 1971, the Association provides services to meet the needs of independent higher education and fosters cooperative efforts among its member institutions and all segments of higher education. As the voice of independent higher education in Maryland, MICUA seeks to inform the broader public about its member institutions and the vital importance of independent colleges and universities to the future of our State and nation.
MICUA members include: Capitol Technology University, Goucher College, Hood College, Johns Hopkins University, Loyola University Maryland, Maryland Institute College of Art, McDaniel College, Mount St. Mary’s University, Ner Israel Rabbinical College, Notre Dame of Maryland University, St. John’s College, St. Mary’s Seminary and University, Stevenson University, Washington Adventist University, and Washington College.