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American Opportunity Tax Credit (College Credit) is a ****ing joke in 2024

Discussion in 'BBS Hangout: Debate & Discussion' started by Xerobull, Dec 23, 2024.

  1. Xerobull

    Xerobull ...and I'm all out of bubblegum
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    Bullshit when
    • In 2024, the average cost of college (everything), per year, is $38k. Varies from low to high between public, private non-profit and private for-profit.

    • Income limit to qualify for American Opportunity Tax Credit is 80k for a single taxpayer 160k for a married couple filing jointly.

    • Maximum tax credit per student, per year, is $2,500, with a $10,000 lifetime maximum.
    The American Opportunity Tax Credit was enacted in 2009, 15 years ago, with the same limits.
    • $2500 in 2009 dollars is only worth $1700 now. That's a 47% drop due to inflation
    • According to Google, the average cost of college has gone up 48%, which is about what inflation is. I'm sure there are some more detailed stats but we'll go with that.
    Effectively, this already low tax break has been cut in half since it's inception in 2009.

    These limits need a serious boost to account for inflation and the increased cost of going to college.

    Honestly, a complete overhaul is in order. I'd love to see more incentives for in-demand degrees where we have a shortage of talent. I'd love to see for-profit colleges get cut out of the loop completely as their degrees are worthless and everyone except the poor kids who get suckered into them know it (My previous assistant who we had to let go because she was just utterly inept at basic intuitive leaps had a PhD from University of Phoenix).
     
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  2. Andre0087

    Andre0087 Member

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    Something tells me the incoming administration will get on that...never.
     
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  3. Invisible Fan

    Invisible Fan Member

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    Like healthcare, we need to figure out (root causes first...then) how to reduce avg college costs at the org level without the government dumping more money into subsidizing individuals. China is no longer sending waves of students looking to overpay for a piece of paper written in English. I guess that's one thing native students and their parents can cheer about or something.

    Pension and admin costs are one aspect. Having a solid majority of professors and teaching assistants feeling the squeeze while this is happening screams sustainability issues.
     
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  4. juicystream

    juicystream Member

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    The credit doesn't apply to living expenses which is the majority of that cost.
     
  5. Kemahkeith

    Kemahkeith Member
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    Join the military and utilize the GI Bill like I did.
    Learn a trade while in, in case college is not your cup of tea.

    Problem solved.

    Enough with the free shite.
     
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  6. peleincubus

    peleincubus Member

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    I agree. Let the poor people join the military and go create profit for the military industrial complex while killing brown and black people and taking the other countries wealth & natural resources the world over for the last several decades.


    While letting the disproportionate income inequality that continues to exacerbate and the people that perpetuate it never letting their children join the military. Those individuals can always pay for college. Did you hear recently that Ivy League school are about to be sued because they are letting students not qualified but because their families have made large donations?

    Change nothing.
     
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  7. Xerobull

    Xerobull ...and I'm all out of bubblegum
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    Irrelevant with $2500 being the maximum per year.
     
  8. Xerobull

    Xerobull ...and I'm all out of bubblegum
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    Thanks for your service, compadre.

    GI bill is a whole different ball of wax. 4 years of your life is a big commitment when you’re 18. If I had to do it over again, I may have gone in as an officer after they paid for a degree for me. So that’s what, 12 years of your life? Or if I were career I would be ‘retired’ now- meaning I’d be on some cushy contracting job working with more career vets who spoke the same language as me.

    Down side of GI Bill? For-profit colleges that will show vets how they can abuse the GI Bill to live almost free as long as they’re ‘students’ at the school while they don’t even have to show up. My wife saw it first hand at the art institute. For profit colleges (or any education) should be outlawed.

    As for ‘free ****’ - I’m 1000% more inclined to help a poor American kid get an education in a STEM field that is high demand than subsidize corporations in some way shape or form, as we do with NIH grants or a thousand other ways. Or give green cards to fill those shortage positions and most of the money goes back to the country of origin instead of staying here to support and grow our own economy. Think about that, my friend. ‘Free ****’ isn’t going away, so let’s focus it on helping our people and not profits or other countries.
     
  9. juicystream

    juicystream Member

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    It does as a % of cost. Granted I live in a state where tuition is paid for if you are at least a B student.
     
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  10. Xerobull

    Xerobull ...and I'm all out of bubblegum
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    Still should go up- cost of tuition has roughly gone up with inflation since these numbers were solidified, 48%
     
  11. Nook

    Nook Member

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    Everything is a shell game where those at the absolute top of the food chain financially try to placate everyone beneath them by playing an elaborate game of bait and switch where the pie for everyone outside the very wealthy shrinks while the ultra wealthy increase profits…. Until more is taken from the top, nothing will change.

    With the soon to be President being a billionaire- and his sidekick being the wealthiest man in the world .. and other billionaires involved, nothing will change for the better in the near future.
     
  12. Xerobull

    Xerobull ...and I'm all out of bubblegum
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    Yeah my friend, that is rhetorical (to us).

    But the more people see and understand how little we're helping ourselves (the country) improve, and how it benefits us to do so, the better.
     
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  13. ROCKSS

    ROCKSS Member
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    If I had to do it all over and know what I know now, I would have gone to a trade school and become an electrician or a plumber. My 4 years in College were awesome but took me 10 years to pay them off and I don't feel real job security. In hindsight, I would have gone the trade route and worked to open my own company...................but I toil for "the man"
     
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  14. ThatBoyNick

    ThatBoyNick Member

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    This coming from the guy who once said he wouldn’t vote for Bernie in the general against Trump is amazin

    This reads like a quote from the B-dog himself
     
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  15. Xerobull

    Xerobull ...and I'm all out of bubblegum
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    Trade school and trades are massively underrated, and this tax credit applies to them.

    The entire 'American Dream' of your kids going to college causes undue pressure on kids to enroll and finish a degree they didn't even want. If some kid asks me advice on college and they don't know what they want to do or they enjoy working with their hands, I suggest not going to college and either getting a job that they enjoy or go to trade school.

    Most solid, recession-proof and technology advance resistant everyman careers are trade-based, and I'm including IT jobs, because anyone who has been in IT for a while knows that experience is king. I will hire a developer with 8 years experience and no degree over a dev with a college degree and 4 years experience every time.
     
  16. Tomstro

    Tomstro Member

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    But if they did, you would disagree
     
  17. deb4rockets

    deb4rockets Member
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    Those raised on silver spoons will now be raising their kids on platinum diamond covered spoons. Not much will ever change for the working class or the poor I'm afraid, especially now as the gap widens more and more and the richest of the rich pour their money into a leader who will serve their greed most. Some are lucky, and are gifted with an athletic ability to make millions, win a lotto, or just get real lucky as an entrepreneur, entertainer, or musician, but that's not the reality of most, no matter how hard they try to get ahead or get by.
     
  18. AroundTheWorld

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    What about helping a poor American kid get a PhD in gender studies and becoming a seasoned pro Hamas protester lol. (I'm glad you specified STEM).

    America first!
     
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  19. AroundTheWorld

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    You think it's only luck?
     
  20. fchowd0311

    fchowd0311 Member

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    Both industries have a select group at the top skimming billions of dollars to fund their wealth creation and luxurious lifestyle desires and these people are not providing any value to these systems either. So a bunch of people at the top who aren't contributing to society ("taking on risk" is a propaganda line) skimming billions is a large brunt of these inflated costs.

    Brian Thompson a dude with a business admin degree, with no knowledge on medicine or actuary science being the ceo of a health insurance company exemplifies the uselessness to society they provide. Brian Thompson's reason for existing as a health insurance ceo is pure class solidarity reasons. The shareholders make sure to chose individuals that have solidarity with their interests for wealth generation and will make the immoral "hard' decisions that ruin people's lives and be the fall guy for those decisions when society pushes back. That is the purpose of individuals like Brian Thompson.
     
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