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Why not make any loan re-payments a deduction instead of only being through a employer.... Otherwise you are favoring companies at the expense of independent c
by lgleason 11y ago
Why not make any loan re-payments a deduction instead of only being through a employer.... Otherwise you are favoring companies at the expense of independent contractors.
- ZainRiz 11y agoTaking that to the next step, any payment towards college tuition should be made tax deductible, regardless of whether the payment was made in the form of a loan or if it was paid directly. Otherwise you're incentivising people to take out student loans for their entire tuition amount and then pay them back afterwards, even if they had enough money to pay at least part of the costs while they were in college
- deleted 11y ago[deleted]
- jlebar 11y agoAnd you're favoring people who work for employers generous/savvy enough to offer this benefit. I don't get it.
- phonon 11y agoUhh, we already do (to an extent, and just the interest part.) http://www.forbes.com/sites/kellyphillipserb/2015/03/19/understanding-your-forms-1098-e-student-loan-interest-statement/#5825d1f04b9a http://www.forbes.com/sites/kellyphillipserb/2015/03/19/unde...
- meric 11y agoBorrow $70k at beginning of the year, pay 5% interest, your Pre-tax income is $70k. Make loan repayments monthly, all of it tax-exempt. Where your original post-tax income is $50k, your post-interest income now $67k. Spend the $70k minus interest as tax-free money.