November 7, 2017
Dear Students, Faculty, and Staff,
The Tax Cuts and Jobs Act proposal, released last week by the House Committee on Ways and Means, has significant ramifications for Amherst College as an institution, for our ability to pursue our mission, for our students collectively, and for many of them as individuals. It needs to be understood.
Taken in its entirety, the proposal is extraordinarily wide-ranging in its impact on the accessibility and quality of higher education for lower- and middle-income Americans. The bill includes tax cuts that purport to help these families, but their impact is uncertain and their positive potential is countered by measures that make education less attainable.
If passed, the Act would eliminate the tax deductibility of student loan interest, impose a tax on employer-funded tuition for employees, eliminate the Lifetime Learning Credit, reduce the American Opportunity Tax Credit, and make the pursuit of graduate and advanced degrees significantly more expensive. It would also severely increase the cost and limit the access that colleges and universities have to capital markets, which is how many institutions make necessary campus renovations and important enhancements to serve their students.