donald trump
Press Release
April 27, 2017
Media Contact
Mike Browne, Deputy Director
(608) 444-3483
One Wisconsin Now

Donald Trump Tax Plan Strips Student Loan Borrowers of Tax Deduction for Interest on Their Loans

43 Million Hard Working Student Loan Borrowers Deserve Better Than This

MADISON, Wis. — The 43 million-plus student loan borrowers in the United States look to be in line for another attack from Donald Trump, according to the one page tax “plan” released yesterday. Under Trump’s scheme to slash corporate tax rates and provide a windfall to the wealthiest, including himself and his adult children, the federal tax deduction for interest paid on student loans would be eliminated. The move comes on the heels of the Trump administration seeking to strip borrowers of consumer protection from abuses by loan servicers.

“There are 43 million Americans with over $1.4 trillion in student loan debt already being subjected to unfair treatment by the system, like prohibiting them from being able to refinance federal student loans, just like you can with a mortgage,” said One Wisconsin Now Program Director Analiese Eicher. “And now Donald Trump wants to make it even worse, taking away a modest tax deduction for the interest on their loans as part of his scheme to deliver a windfall in tax loopholes for big corporations and the wealthiest.”

The scant details of Trump’s tax plan released yesterday includes a proposal to eliminate all itemized deductions except for home mortgage interest and charitable giving, including the current federal tax deduction for interest on student loans.

Other measures would include slashing the corporate tax rate and eliminating measures designed to keep high income earners from avoiding paying taxes like the estate tax and the alternative minimum tax. Initial analyses of the plan suggest that Trump’s scheme would be tilted massively in favor of the wealthiest and big corporations and explode the federal deficit.

Earlier this month, Donald Trump, who settled a class action lawsuit brought by students of his Trump “University” for $25 million days before his January inauguration, and his administration set out to repeal consumer protections for student loan borrowers. Trump’s initiative would allow debt collectors to charge borrowers exorbitant fees on top of their loan payments. In addition, rules requiring companies that service student loans to prioritize helping borrowers and abide by basic consumer service and protection standards in order to win federal contracts are also being repealed.

Eicher concluded, “Instead of working to reform the system to treat them fairly, Donald Trump and his gang seem to be doing everything they can think of to make it worse for student loan borrowers. Forty-three million Americans with student loan debt worked hard to get their education and took on the personal responsibility to pay for it, and they deserve better than this.”

# # #

One Wisconsin Now is a statewide communications network specializing in effective earned media and online organizing to advance progressive leadership and values.

shannon zimmerman on language of women video still
Press Release

Shannon Zimmerman Video Raises Red Flags About Attitude Toward Women

The statement from Shannon Zimmerman – an announced candidate for a vacant State Senate seat – that women shouldn't be believed is a huge red flag.
One Wisconsin Logo
One Wisconsin Now
11/21/2017
silhouette shouting into megaphone
In the News

Chet Agni: Board of Regents chills free speech for students of color

Like students across the state, I was shocked by the Board of Regents’ new policy attacking free speech on University of Wisconsin System campuses.
Capital Times
11/16/2017
wisconsin supreme court
Press Release

One Wisconsin Now Calls for Probe of Michael Screnock

Recent newspaper reports detail the arrests of Michael Screnock and his failure to fully disclose the incidents on his application for a judicial appointment.
One Wisconsin Logo
One Wisconsin Now
11/16/2017
voters voting
Press Release

Institute Praises Milwaukee Action to Expand Early Voting Opportunities

Voting rights advocates are celebrating passage of a budget provision adding early voting sites in the City of Milwaukee.
One Wisconsin Logo
One Wisconsin Institute
11/15/2017
us capitol building
Press Release

Gov. Scott Walker Joins ‘If It’s True’ Crowd

Meanwhile in an interview broadcast on Sunday, Gov. Scott Walker, joined those offering aid and comfort to Moore by falling back on the “if it’s true” refrain.
One Wisconsin Logo
One Wisconsin Now
11/13/2017
scott walker in a hole
Press Release

Statements on Gov. Scott Walker Signing Foxconn Contract

Scott Walker literally signed away our future, agreeing to a contract to send billions of our tax dollars to boost the bottom line of a foreign corporation.
One Wisconsin Logo
One Wisconsin Now
11/10/2017
hand holding phone displaying twitter
In the News

Scot Ross: RT if you support the First Amendment

Free speech is not just for the people or organizations whom our state elected officials like or with whom they agree.
Capital Times
11/10/2017
ron johnson
Press Release

Ron Johnson’s Failure to Confront Sexual Abuse Continues

Ron Johnson Offers Only Qualified Condemnation of Sourced Reporting of Abuse of Teens, Minor Women by GOP U.S. Senate Candidate Roy Moore
One Wisconsin Logo
One Wisconsin Now
11/10/2017