President Stanley on Tax Reform
As tax reform negotiations continue, I urge leaders in Congress to consider the adverse impacts of proposed provisions on students, research and the State of New York.
The provisions proposed would significantly increase costs for graduate students, hurt institutional stability by bringing about a reduction in charitable giving, and result in a decrease in federal funding availability for research and financial aid. In addition, the elimination of the state and local income tax deduction (SALT) would cause a brain drain in New York, resulting in a reduction in state services and support for areas like higher education.
Increasing the tax burden on students and universities will make quality higher education less accessible and limit groundbreaking research conducted in the United States. In particular, the negative impact resulting from a decrease in pioneering research will continue to further weaken the United States’ research prominence globally.
I appreciate the work and dedication of our local delegation in trying to modify these proposals and strongly encourage them to continue to fight for a tax reform bill that will not bring about these damaging results for colleges and universities and our students and their families.
Samuel L. Stanley Jr., MD