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View Diary: College Tuition Crisis Continues; Debt Crushing Graduates (168 comments)

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  •  I agree that the phaseout (none)
    via income is poor.  This year, my wife and I will not be able to take the deduction because of the income phaseout.

    However, I don't think student loan interest was deductible AT ALL until 1997.  There wasn't a take away by Clinton, then a give back. I think that this was the first time a student loan interest deduction appeared at all.

    If the interest deduction did exist prior to 1997, it was probably during the time when all sorts of deductible interest was allowed.  For instance, interest on credit cards and car loans.  The deductibility of that interest, sans home mortgage interest, was phased out in the 1980s in the Reagan tax plan.

    Personally, I think that despite the phase-out for income, you have to credit to Clinton for getting the deduction through a Republican congress in 1997.

    And I think you have to recognize that other Democrats, such as Rep. McCarthy as I noted above, want to get rid of the income phase-out as a whole.

    You don't hear those proposals from Republicans.

    The world is made for those who are not cursed with self-awareness. -- Annie Savoy, from "Bull Durham" Yeah, and George W. Bush is living proof.

    by wmtriallawyer on Thu Jan 12, 2006 at 05:56:23 AM PST

    [ Parent ]

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