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Politics : Al Gore vs George Bush: the moderate's perspective
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To: American Spirit who wrote (3262)10/20/2000 3:51:32 PM
From: Rambi  Read Replies (1) of 10042
 
AS,

I'm unclear what you think Gore is offering when you say 10000 tax break. The maximum break offered would be a 28% deduction of up to 10K of college tuition per family, which at most is a 2800 tax break.

There is already an existing tax deduction called the LIfetime Learning Credit. This is a 20% deduction on the first 5,000 spent on education costs per family per year(or a tax break of 1000 per year). After 2002, the amount will increase to 10,000( or a maximum break of 2000)
Taxpayers with modified adjusted gross income over $50,000 ($100,000 for married taxpayers filing jointly) may not claim a Lifetime Learning Credit.

AL Gore promises a deduction of up to 28% of 10000 (or 2800) per family (not child) for the ELIGIBLE families.

Thus his increase at best offers only 800.00 more than already allowed under the existing Lifetime Learning Credit in 2002.

This has been covered repeatedly in the news.
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