Jeff 9:15 am on Monday, December 4, 2017

Tax bill consolidation

These seem to be some pretty significant differences. Not sure how smoothly the conference will go to reconcile the two. Full story: https://www.cnbc.com/2017/12/04/republican-house-and-senate-tax-plan-differences.html?__source=twitter%7Cmain

Ramie 9:30 am on Monday, December 4, 2017

I agree. There seem to be some areas here that could prove contentious. Of course there still needs to be major compromise on both sides but it looks daunting laid out like that.
hcgdavis 10:53 am on Monday, December 4, 2017

I know many of my university instructors are concerned about the graduate income. The students make 10k but will be taxed as if they made 70k because of the way it is reported. May end up being very short sighted and create a huge brain drain next 10-20 years.
- Jeff 11:02 am on Monday, December 4, 2017
  
  I have heard from a tax expert that the proposed change actually wouldn’t change that. Nobody else seems to think that, so he could be wrong. But he did forward me one other analysis (linked below), showing that the tuition can be exempted as income under section (a) of that portion of the tax code. The current House version of the tax bill proposes to eliminate section (d). If this goes through, make sure your friends know they should inform students and tax preparers to look into it before assuming they must pay more tax.
  
  http://pfforphds.com/which-graduate-students-will-lose-tuition-benefits-under-the-proposed-house-tax-bill/