LOUISVILLE, Ky. (WDRB) -- Last week, Kentucky Sen. Rand Paul said he had an idea to make student loans 100% tax deductible.
On Thursday, Paul introduced the "Tax-Free Education Act," which would provide the deduction to any American who pays for college or K-12 tuition and associated expenses.
“Financing education is already hard enough, and Uncle Sam doesn’t need a cut,” Paul said in a news release. “My plan allows people to pay for college with pre-tax dollars and would be available to anyone who is helping pay for college – grandparents, aunts and uncles, and family friends. This empowers the American people to pay off school debt and realize the dreams they studied hard to achieve.”
This would allow students to deduct the cost of education from their income taxes. The "Tax-Free Education Act" is available to read online.
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