Dave, if I had to pay tax on my training, it would be on millions of dollars.
The military would have zero pilots. And the major air carriers would have very few. And you would be taking the train from San Francisco to New York City. Good luck getting across the ocean.
I also support ROTC scholarships, free tuition at the service academies (there would be very low attendance otherwise), but the GI bill that they have nowadays seems excessive. However, no tax reform will involve the military or veterans, it is too politically unpopular.
Maybe so? Oh well, itâs kind of off the point anyways.
I donât support anything theyâre doing in this tax bill in regards to education, at least not what Iâve heard about on this forum. It doesnât make any sense.
There are law schools that give merit scholarships but those laws schools are usually not the ones where once you graduate you actually get job offers from law firms or the government. The good schools donât and forget about getting anything from the T14.
Is this something recent? Never heard of those schools giving any money at all (at least when friends kids were applying - but they got lots of money from schools like Springfield, Quinnipiac, etc.)
not true, Romani. Per Michiganâs own ABA report: 9 students pulled tuition+stipend; 17 (1.2% of total) students received full tuition; 10% received half-to-full tuition; 65% received less than half tuition discount.
In total, 78% of all students at Michigan law received merit money. In other words, only 22% full pay.
Of those receiving money, the bottom quartile number was $10k discount; top quartile was $25k discount per year.
Easiest money that these students will ever âearnâ.
Numbers at Northwestern law are even richer (but doesnât have instate tuition): 34% received half-to-full tuition. bottom quartile was $15k, top quartile was $50k.
emily: law school merit money started booming with the last economic downturn as law school applications plummeted, particularly from top scoring students.
Wow, I never knew that people got merit money for law school, I always thought it was full pay and everyone either got into mega debt or their parents paid for it.
Does this mean that you are ok with the greatly increased deficit spending? Or do you have proposals that would increase taxes elsewhere or make large spending cuts to neutralize the budgetary impact of this large tax cut?
529 accounts were mentioned earlier. One of the new tax breaks is that you can now put money in a 529 for a fetus (unborn child). This is seen more as a way to try to confer âpersonhoodâ on fetuses for anti-abortion purposes, and because of that to gain support from conservative anti-abortion voters than as a real âpeople NEED this tax breakâ idea. So⊠the living students (the ones with loans, Pell Grants, taxed waivers, and less access to tax credits) get hit with higher taxes so that can move forward. We started saving when our kids were born, and that worked just fine for us. This whole thing is just nuts.
And the need for a fetal 529 is bogus. You can start a 529 in your own name, before the fetus is a twinkle in your eye, and transfer it into the name of any of your children at any time.
@TatinG I agree. Deduction is also very regressive, worse than sales tax. It taxes the poor at a higher rate relatively speaking. The poor teach with $250 deduction at 10-12% bracket gets back $25 in deduction, A teacher with a comfortable income taxed at 39.6% get back $100, 4 times as much.
@ucbalumnus Yes, I am ok with increasing deficit or anything else we have to do to keep them in the country. We canât let them leave. When they do, we lose 35% or 28.5% effective rate. If they stay and taxed at a lower rate, we at least get 20%. If they all leave, we will have to increase deficit or raise taxes anyway to make up lost revenue. That stands at about 10% of the total revenue. Iâd say do whatever it takes to keep them. Itâs just a matter of time when we increase deficit and taxes. If we do it now, it will be less increase.
@Dave_N med Schools is four years. If a student does a research yearâŠitâs five. Often, itâs during the research year that a tuition waiver is grantedâŠbecause reallyâŠextending a fifth year while paying tuition would not be something folks would do. So, the waivers are granted to help encourage those who might want to do this.
Most fifth year med schools students do NOT get waivers. The waivers are usually someothing one applies for in a competitive process.
The phD/MD program that takes 8 years is like any other PhD program. They spend 2 years in MD training 4 years in PhD training and back to MD training for 2 years. Yes, they do get tuition waiver. I would think that tuition waiver would be treated the same as any other. I can see that would hurt since their tuition is a lot higher than an average PhD tuition. But again, so far I donât see why universities wouldnât rename tuition waiver as scholarship and make it tax free. Do we need MD/PhDâs? Are they in short supply?
