Update: At the beginning of the year legislators agreed to a partial deal on the fiscal cliff. This deal included the extension of a number of tax benefits that affect graduate students including:
•Temporary extension: Tuition and fees deduction: Can deduct education expenses related to schooling, including tuition, books, and other supplies up to $4,000 (depends on income)
•Permanent status for Sec. 127 employer-provided education expenses (up to $5,250)
•Permanent status for the Student Loan Interest Deduction (up to $2,500), and Coverdell Education Savings Accounts. (Previously, they had been temporary parts of the tax code that needed to be renewed periodically.)
•An extension of the research and development tax credit through Dec. 31, 2013.
The deal also delayed the implementation of sequestration cuts until March 1, 2013.
America stands at the edge of the Fiscal Cliff. If we fall over the edge, there will be devastating cuts to science and education funding, tax hikes, and a less competitive, less prosperous future America. Congress has the power to bring us back from the Cliff, and you have the right to let Congress know that we want a balanced and fair solution.
We are graduate and professional students from all over the United States. We are the ones who bridge the gap between learning and knowledge creation. We are educators in training, prospective entrepreneurs and start-up owners. We invent, we research, and we serve in public office. We believe that things can be done better, more efficiently, and more cost-effectively. We use what we have learned to capitalize on the opportunities that exist to improve society. We contribute to the body of knowledge that constantly pushes the boundaries of what is possible in the human and natural sciences, the humanities and the arts. Meet us below and share your story.