Adams Introduces Protecting Education & Pathways to Opportunity Tax Package
Washington, D.C.—Today, Congresswoman Alma S. Adams (NC-12) announced the Protecting Education & Pathways to Opportunity Tax Package. The package includes eight amendments to the Republican tax plan, H.R. 1 the so-called “Tax Cuts and Jobs Act”. These amendments were introduced following a letter that Congresswoman Adams sent to Ways and Means Committee Chairman Kevin Brady and House Speaker Paul Ryan last week detailing the tax priorities of North Carolina’s 12th Congressional District. H.R. 1 was reported out of the Ways and Means Committee without the addition of any of the 12th District’s priorities, so today Rep. Adams introduced eight amendments to ensure that all Americans have access to a quality education and opportunities for upward mobility.
“The Republican tax plan fails the American people. It slashes opportunities for upward mobility by giving tax cuts to corporations and the wealthy on the backs of students, veterans, and middle class families,” said Congresswoman Adams. “Last week I sent a letter to Chairman Brady and Speaker Ryan calling for real tax relief for millions of hardworking families and small businesses but my calls fell on deaf ears. That is why today I introduced the Protecting Education and Pathways to Opportunity Tax Package to ensure that all Americans have access to opportunity through a quality education and a strong local economy.”
The amendments include:
1. Reinstating the tax exempt status of private use bonds, used to build infrastructure and affordable housing;
2. Reinstating the student loan interest tax deduction, making higher education more affordable;
3. Repealing the tax on tuition waivers and student stipends, protecting student’s access to higher education;
4. Instating a provision that makes HBCU Tax Bonds exempt from federal, state, and local taxes, incentivizing investment in HBCU bonds and increasing access to capital at HBCUs;
5. Incentivizing the hiring of science, technology, engineering, and mathematics (STEM) graduates from minority serving institutions (MSI), creating pathways of opportunity for underserved communities;
6. Instating the Veterans Small Business Tax Credit, assisting veterans in becoming small business owners;
7. Repealing the tax on discharged student loans, releasing students from crushing student loan debt;
8. Repealing the tax on university and college endowments, increasing the capital available for investment in campus infrastructure and student scholarships.
Rep. Adams announced the Protecting Education and Opportunity Tax Package on the House Floor today. Watch the video here.
The Protecting Education and Opportunity Tax Package was co-sponsored by Reps. Yvette Clarke (D-NY), Eddie Bernice Johnson (D-TX), Stephen Lynch (D-MA), John Conyers (D-MI), Dwight Evans (D-PA), Alcee Hastings (D-FL), Bonnie Watson Coleman (D-NJ), Jose Serrano (D-NY), and Kathy Castor (D-FL).