You’ve heard about the Democrats’ 100 Hours. But how will it affect your taxes?

Of course, if you’re someone who’s going to benefit from the minimum wage increase the Democrats passed, the income listed on your income taxes will change - it will go up. Yay!

But the most direct effect is if you’re an undergraduate funding your education through students loans, or better yet, a high school student (or parent of one) who will need student loans in the next few years. The House has approved a student loan interest rate cut of 50% which will be phased in over five years. My understanding is that it’s for new loans only, not for existing ones. (More’s the pity.) This measure still has to go through the Senate and then get signed by the President, so it’s not a done deal yet, but it passed with a large margin in the House, so things are looking good.

The Democrats in the House are also said to be addressing other consumer issues during this term, but the above is the sum of the financial impact from their 100 Hours.

This entry was posted on Friday, January 19th, 2007 at 4:45 pm and is filed under Tax News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.