Obama Proposes Tax Credit for Education
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Paying for College is something that is on the back of everyone’s mind. Even with instate tuition, a year of College can easily surpass $10,000 USD (taking in to account food, room and board, books and other costs). Student loans and financial aide can be a big help, however repaying loans can cause a lot of unneeded stress in the future. Presidential candidate Barack Obama is promising a tuition tax credit for students in exchange for something reletively minor.
Obama said he would give students a $4,000 tax credit to help pay tuition and fees in exchange for 100 hours of community service. The campaign said the program would cost $10 billion a year.
“You get a hand living your dreams, and then you help your fellow citizens live theirs,” the Illinois senator told a small group of students in a courtyard at Wayne County Community College. He listened as they told stories of balancing family demands, high fuel prices and school costs.
This is a great idea proposed by Obama and staff. Not only will it get him some votes in the upcoming election, but it will really help out a lot of college students. While $4,000 dollars does not cover a semester of College (in most cases), it can be a huge help.
Students would have to do about two hours of community service per week in order to meet the 100 hour requirement over a time period of one year (365 days). If you think of how many hours a week you spend sitting in front of the television; two hours a week is nothing.
With the gas prices increasing in price every day, this bonus could be a huge help to students who are in desperate need of financial support.
Justin Capasso
5 Comments
the oracle
June 17th, 2008
at 5:24pm
These promises have been made for years - and never kept. (I AM an Obama supporter)
The problem seems to be that while it is great idea, there are too many people on the far side of a degree in Washington, or the state capitals for that matter, that get to this proposition, and think to themselves that since they made it, why should everyone else not be able to.
Outstanding idea. If it was made part of the education system (i.e. Grades 1-16, the Bachelors Degree being, in effect, mandatory) the entire country would be better off, and the next generation could better compete in the world.
Urban Underbrink
June 18th, 2008
at 5:02am
Politicians will tell you anything to get elected. Sometimes they don’t even know their proposed scheme won’t work or hasn’t a chance of being approved.
This man is scary and plans to change the USA, but it sure won’t be in a good way. Fascism’s a very bad way to go and if you listen to everything he has proposed, that is what he will do to us.
Trouble is, that not many folks know History anymore or they would throw this moron out on his ears.
Fred
June 18th, 2008
at 10:18am
How many students make enough money to pay $4000 in taxes every year? You have to make close to $30,000 a year to pay that much tax.
So unless unused portions carry over to use in future years, this credit is not worth nearly what it seems.
For example, if you are a full time student and make $5000 in a summer job, you will pay around $500 in taxes. 100 hours work to save $500 is not even minimum wage.
Exothermic Reaction
June 18th, 2008
at 1:02pm
I agree with Fred. Don’t you beleive it for one minute. This is simply a feel good statement to win votes from people that don’t stop to think about what he has proposed.
Let’s look at it: Tax Credits for college students in exchange for community service.
Tax Credits only reduce taxes that you owe. This only helps if you are making enough money that you actually had taxes withheld and would not already be getting them all back.
Last I checked; students typically do not have much income, except in a few rare cases where you are fully employed and attending college as a part time student to furthur your carreer or making a career change. There are already tax credits to write off the cost of going to school in such cases.
I’m sorry, this is just typical shell game politics.
Exo
Michael Harvey Baum
June 18th, 2008
at 9:55pm
Glad to see that most of the comments recognize the sheer idiocy of this “political promise.” Here’s what’s really amazing, $4,000 credit for 100 hours. Gee that’s $40 per hour. Not a bad wage. One that even I, with a Master Degree and almost 40 years later have never seen. The true cost, as noted by Fred, based on actual income, is closer to $300 per hour. Please tell me where I can sign-up. Oh and do not forget that like the Earned Income Credit, any such legislation would probably actually refund any excess credit which for most would probably be the entire $4,000. Oh well, at least college students will probably spend it to stimulate the economy a lot more that the $600 give away now going on.