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AGB Alert: Statement by AGB President Richard D. Legon on the House Tax Cuts and Jobs Act

Nov 2, 2017

“The Tax Cuts and Jobs Act, released today by the House Ways & Means Committee, could prove disastrous to non-profit organizations in the United States—particularly our nation’s colleges and universities. In their zeal to find offsets to fund cuts in the corporate and personal tax rates and eliminate the estate tax, House policymakers have included provisions that will limit access to educational opportunity and quality for students, families, and communities. Changes proposed to itemized deductions will lead to a sharp drop in charitable contributions—and limits to the deductions on state and local income taxes will severely affect the funding and affordability of public colleges and universities. The proposed excise tax on endowments will greatly restrict the ability of private colleges and universities to fund need-based student aid and conduct groundbreaking research. ‘Simplifications’ to current tax provisions that encourage saving and paying for college could cause great harm to the very families the legislation is purporting to help. While we share the overall goal of providing fairness to taxpayers—and have worked over the past year to provide answers and ideas to tax writers—the bill released today would severely impact American higher education. We will now work with colleagues in the higher-education community to oppose these provisions in coming House and Senate debates.”   

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