The U.S. House and Senate have released federal tax reform legislation aimed at simplifying the income tax system and providing tax relief for millions of citizens. Both the House and Senate bills include changes to federal tax brackets as well as increases in standard deductions.
The House bill includes a provision to remove the tax-free status of tuition waivers provided to graduate students, including those at the University of Utah. Over the past week, I worked to generate a fully documented, consistent estimate of the impact of pending federal tax reform legislation on our graduate students.
My analysis looked at the effects of federal, state and FICA taxes, and is also consistent with existing tax rules as well as proposed House and Senate packages.