How would you feel if the tax cuts for the wealthiest corporations and individuals went toward paying off the entirety of American student loan debt? Well, if the Students Over Special Interest Act has its way, you won’t soon be in a position to make that choice on your own. President Trump’s December tax reform law cut about $1.5 trillion in total taxes; which of course led Democrats to criticize that those tax cuts were only for the wealthy corporations, wealthy individuals, and what they consider to be special interest groups.
How the bill crushes student loan debt
According to GovTrack, student loan debt in the US equals around $1.38 trillion. The Students Over Special Interest Act, which was originally proposed by Rep. Jared Polis (D-CO2), would repeal the December tax cuts and instead use the money to eliminate all student loan debt for over 43 million Americans.
The bill is supported by congressional lefties who want to take the tax cut from those they feel need it the least and instead put the funds toward lower-class and middle-class individuals struggling to pay back their student loans. “So many people go to school, get a job, and work hard but still struggle to get ahead because they are weighted down by student loans. It’s time to help them get out from the mountain of debt they are under,” Polis said in a press release. Polis argues that repealing the “Republican sweetheart deals” for corporations will help to cancel all student loan debt, make college more affordable, and have money in the reserve to reduce the US deficit.
This sounds great, and will definitely get approval from those in the general public who fall into this particular category. However, will this bill somehow alter businesses and job availability as we know it here in America?
American corporations digging deep
When discussing his rationale for tax cuts geared toward American businesses, Trump continued to state how this move would assist in reviving the business climate in the US. In a speech promoting his tax cuts to a community in Ohio, Trump talked about how Apple announced a $350 billion investment into America. According to Trump, this investment would include the hiring of over 20,000 Americans who are currently struggling to find employment.
Additionally, the president talked of investments from other corporations that have also announced billion dollar investments that they are planning to make on American soil to help support the economic growth of the US. By providing tax cuts to corporations that are willing to use the extra funds saved to build plants that will hire US workers, Trump is attempting to improve the employment rate for both the low-income and middle-class working men and women. Once again, just as the bill to eliminate student debt serves some—it can be argued that cutting taxes for corporations willing to provide additional jobs is also a benefit that can’t be overlooked.
Rich and poor tug of war
Is the Students Over Special Interest Act a bill that presents a tug of war scenario between the haves and the have-nots? Is this about having the choice between eliminating student debt so that you can start fresh versus having a job to pay for the student debt? It would indeed be refreshing to have both, but of course, this is rarely the case. Thus far, the odds of this bill passing will depend on whether or not the Democrats can take over in 2018 or later. Reversing tax cuts isn’t as easy as it sounds, so with that said, you can expect to keep dishing out the money for your education…but at least you may have a job to provide you with the funds to do so.