2017: Fitzpatrick Voted Against Exempting Regulations Related To
Consumer Protections On Student Loan From The SCRUB Act, Which Would
Require Agencies To Eliminate Old Rules In Order To Create New Ones.
In March 2017, Fitzpatrick voted against an amendment that would have,
according to Congressional Quarterly, "exempt[ed] from the bill's
provisions rules related to providing consumer protections for student
loan borrowers." The underlying legislation, also according to
Congressional Quarterly, "establish[ed] a nine-member commission to
review existing federal regulations and identify regulations that should
be repealed on the basis of reducing costs on the U.S. economy. The
commission would identify those regulatory policies that should be
repealed immediately, and would set up a 'Cut-Go' system that would
require agencies to repeal existing rules to offset costs before issuing
a new rule. The measure, as amended, would require the commission to
review a rule or regulation's unfunded mandate, whether the rule or
regulation limits or prevents government agencies from adopting
technology to improve efficiency, and the rule or regulation's impact on
wage growth, when determining if the rule or regulation should be
repealed." The vote was on the amendment. The House rejected the
amendment by a vote of 191 to 235. [House Vote 109,
3/1/17; Congressional
Quarterly, 3/1/17; Congressional
Quarterly, 1/7/16; Congressional
Actions, H. Amdt.
52;
Congressional Actions, H.R.
998]
2021: Fitzpatrick Voted Against Discharging Student Loans When A
Student Dies Or Becomes Permanently Disabled. In May 2021, Fitzpatrick
voted against the Comprehensive Debt Collection Improvement Act of 2021
which would, according to Congressional Quarterly, "require lenders to
discharge private education loans when a student borrower dies or is
permanently disabled, including for any cosigners of the loan." The vote
was on passage. The House passed the bill by a vote of 215-207. The
Senate did not take substantive action on the bill. [House Vote 141,
5/13/21; Congressional
Quarterly, 5/13/21;
Congressional Actions, H.R.
2547]
2020: Fitzpatrick Voted For Overturning A Trump Administration Rule
That Rolled Back Protections For Student Loan Borrowers. In June 2020,
Fitzpatrick voted for overriding President Trump's veto on a joint
resolution that would, according to Congressional Quarterly, "provide
for congressional disapproval of a September 2019 Education Department
rule establishing new policies related to federal student loan
forgiveness for borrowers who attended schools that committed fraud or
any type of institutional misrepresentation, requiring such borrowers to
demonstrate financial harm as a result of the fraud to receive complete
or partial cancellation of student loan debt. The rule would also allow
for mandatory arbitration agreements related to such claims and require
borrowers to file claims within three years of leaving an institution.
The rule is currently scheduled to go into effect on July 1, 2020. Under
the provisions of the joint resolution, the 2019 rule would have no
force or effect, and October 2016 rules that provide for complete
cancellation of federal student loan debt for defrauded borrowers would
be effectively maintained." The vote was on passage over President
Trump's veto. The House failed to override the President's veto by a
vote of 238-173. [House Vote 120,
6/26/20; Congressional
Quarterly, 6/26/20;
Congressional Actions,
H.J.Res.76]
The Resolution Would Overturn A Trump Administration Rule That
Made It More Difficult To Grant Loan Forgiveness To Students Who
Were Defrauded By A University. According to Congressional
Quarterly, "The Education Department rule in question sets a tougher
standard for eliminating student debt when students argue they were
defrauded by a university. The rule would require defrauded
borrowers to demonstrate financial harm as a result of the fraud in
order to have their debt partially or completely canceled, and it
would allow for mandatory arbitration agreements related to such
claims and require borrowers to file claims within three years of
leaving an institution." [Congressional Quarterly,
1/16/20]
Republicans Believed The Obama Rule Is Overreaching, While
Democrats Argued The Trump Rule Puts Too Much Of A Burden On
Defrauded Students. According to Congressional Quarterly, "The
rule, set to take effect July 1, would replace a 2016 Obama
administration rule that Republicans said is overreaching and costly
to taxpayers. Democrats say the Trump rule puts too much of a burden
on defrauded students to prove their case for debt forgiveness."
[Congressional Quarterly,
2/18/20]
The September 2019 Education Rule Required Student Loan Borrowers
Of Fraudulent Institutions To Demonstrate Financial Harm As A Result
Of The Fraud To Receive Student Loan Forgiveness. According to
Congressional Quarterly, "Passage, over President Donald Trump's May
29, 2020 veto, of the joint resolution that would provide for
congressional disapproval of a September 2019 Education Department
rule establishing new policies related to federal student loan
forgiveness for borrowers who attended schools that committed fraud
or any type of institutional misrepresentation, requiring such
borrowers to demonstrate financial harm as a result of the fraud to
receive complete or partial cancellation of student loan debt."
[Congressional Quarterly,
6/26/20]
The September 2019 Education Rule Allowed Mandatory For
Arbitration Agreements And Mandated Borrowers To File Claims Within
Three Years After Exiting The Fraudulent Institution. According to
Congressional Quarterly, "The rule would also allow for mandatory
arbitration agreements related to such claims and require borrowers
to file claims within three years of leaving an institution."
[Congressional Quarterly,
6/26/20]
2020: Fitzpatrick Voted For Overturning A Trump Administration Rule
That Rolled Back Protections For Student Loan Borrowers. In January
2020, Fitzpatrick voted for a joint resolution that would, according to
Congressional Quarterly, "provide for congressional disapproval of a
Sept. 2019 Education Department rule establishing new policies related
to federal student loan forgiveness for borrowers who attended schools
that committed fraud or any type of institutional misrepresentation,
requiring such borrowers to demonstrate financial harm as a result of
the fraud to receive complete or partial cancellation of student loan
debt The rule would also allow for mandatory arbitration agreements
related to such claims and require borrowers to file claims within three
years of leaving an institution. The rule is currently scheduled to go
into effect on July 1, 2020. Under the bill's provisions, the 2019 rule
would have no force or effect." The vote was on passage. The House
passed the resolution by a vote of 231-180. [House Vote 22,
1/16/20; Congressional
Quarterly, 1/16/20;
Congressional Actions,
H.J.Res.76]
The Resolution Would Overturn A Trump Administration Rule That
Made It More Difficult To Grant Loan Forgiveness To Students Who
Were Defrauded By A University. According to Congressional
Quarterly, "The Education Department rule in question sets a tougher
standard for eliminating student debt when students argue they were
defrauded by a university. The rule would require defrauded
borrowers to demonstrate financial harm as a result of the fraud in
order to have their debt partially or completely canceled, and it
would allow for mandatory arbitration agreements related to such
claims and require borrowers to file claims within three years of
leaving an institution." [Congressional Quarterly,
1/16/20]
Republicans Believed The Obama Rule Is Overreaching, While
Democrats Argued The Trump Rule Puts Too Much Of A Burden On
Defrauded Students. According to Congressional Quarterly, "The
rule, set to take effect July 1, would replace a 2016 Obama
administration rule that Republicans said is overreaching and costly
to taxpayers. Democrats say the Trump rule puts too much of a burden
on defrauded students to prove their case for debt forgiveness."
[Congressional Quarterly,
2/18/20]
2017: Fitzpatrick Voted Against The FY 2018 Republican Study Committee
Budget Resolution Which In Part Called For Eliminating In-School
Undergraduate Student Loan Subsidies. In October 2017, Fitzpatrick
voted against a budget resolution that would in part, according to
Congressional Quarterly, "provide for $2.9 trillion in new budget
authority in fiscal 2018. It would balance the budget by fiscal 2023 by
reducing spending by $10.1 trillion over 10 years. It would cap total
discretionary spending at $1.06 trillion for fiscal 2018 and would
assume no separate Overseas Contingency Operations funding for fiscal
2018 or subsequent years and would incorporate funding related to war or
terror into the base defense account. It would assume repeal of the 2010
health care overhaul and would convert Medicaid and the Children's
Health Insurance Program into a single block grant program. It would
require that off budget programs, such as Social Security, the U.S.
Postal Service, and Fannie Mae and Freddie Mac, be included in the
budget." The underlying legislation was an FY 2018 House GOP budget
resolution. The House rejected the RSC budget by a vote of 139 to 281.
[House Vote 555,
10/5/17; Congressional
Quarterly, 10/5/17; Congressional
Actions, H. Amdt.
455;
Congressional Actions, H. Con. Res.
71]
2017: Fitzpatrick Voted Against The House GOP FY 2018 Budget
Resolution, Which Started The Process Towards Tax Reform, Called For
Ending Medicare As We Know It And Called Eliminating The Expanded
Income-Based Repayment Program. In October 2017, Fitzpatrick voted
against the House GOP FY 2018 budget resolution. According to
Congressional Quarterly, "Adoption of the concurrent resolution that
would provide for $3.2 trillion in new budget authority in fiscal 2018,
not including off-budget accounts. It would assume $1.22 trillion in
discretionary spending in fiscal 2018. It would assume the repeal of the
2010 health care overhaul law. It also would propose reducing spending
on mandatory programs such as Medicare and Medicaid and changing
programs such as the Supplemental Nutrition Assistance Program (also
known as food stamps). It would call for restructuring Medicare into a
'premium support' system beginning in 2024. I would also require the
House Ways and Means Committee to report out legislation under the
budget reconciliation process that would provide for a revenue-neutral,
comprehensive overhaul of the U.S. tax code and would include
instructions to 11 House committees to trigger the budget reconciliation
process to cut mandatory spending. The concurrent resolution would
assume that, over 10 years, base (non-Overseas Contingency Operations)
discretionary defense spending would be increased by a total of $929
billion over the Budget Control Act caps and non-defense spending be
reduced by $1.3 trillion." The vote was on passage. The House passed
the budget resolution by a vote of 219 to 206. A modified version was
later agreed to by both the House and the Senate. [House Vote 557,
10/5/17; Congressional
Quarterly, 10/5/17; Congressional
Actions, H. Con. Res.
71]
2017: Fitzpatrick Voted Against The House GOP FY 2018 Budget
Resolution, Which Started The Process Towards Tax Reform, Called For
Ending Medicare As We Know It And Called For Eliminating The Public
Service Loan Forgiveness Program. In October 2017, Fitzpatrick voted
against the House GOP FY 2018 budget resolution. According to
Congressional Quarterly, "Adoption of the concurrent resolution that
would provide for $3.2 trillion in new budget authority in fiscal 2018,
not including off-budget accounts. It would assume $1.22 trillion in
discretionary spending in fiscal 2018. It would assume the repeal of the
2010 health care overhaul law. It also would propose reducing spending
on mandatory programs such as Medicare and Medicaid and changing
programs such as the Supplemental Nutrition Assistance Program (also
known as food stamps). It would call for restructuring Medicare into a
'premium support' system beginning in 2024. I would also require the
House Ways and Means Committee to report out legislation under the
budget reconciliation process that would provide for a revenue-neutral,
comprehensive overhaul of the U.S. tax code and would include
instructions to 11 House committees to trigger the budget reconciliation
process to cut mandatory spending. The concurrent resolution would
assume that, over 10 years, base (non-Overseas Contingency Operations)
discretionary defense spending would be increased by a total of $929
billion over the Budget Control Act caps and non-defense spending be
reduced by $1.3 trillion." The vote was on passage. The House passed
the budget resolution by a vote of 219 to 206. A modified version was
later agreed to by both the House and the Senate. [House Vote 557,
10/5/17; Congressional
Quarterly, 10/5/17; Congressional
Actions, H. Con. Res.
71]
2023: Fitzpatrick Voted For The Fiscal Responsibility Act Of 2023,
Which Statutorily Ended The Pause On Student Loan Payments On August 29,
2023. In May 2023, according to Congressional Quarterly, Fitzpatrick
voted for the Fiscal Responsibility Act of 2023, which would, in part,
"statutorily end the pause on student loan repayments on Aug. 29, 2023."
The vote was on passage. The House passed the bill by a vote of 314 to
117, thus the bill was sent to the Senate. The Senate passed the bill,
sent it to President Biden, and it was signed into law. [House Vote
243, 5/31/23;
Congressional Quarterly,
5/31/23; Congressional
Actions, H.R.
3746]
The Packaged Codified Ending The Pause On Loan Payments First
Paused By President Trump At The Beginning Of The COVID-19
Pandemic. According to Congressional Quarterly, "Republicans had
sought to block the student loan forgiveness in negotiations over
raising the debt ceiling, but the agreement (HR 3746) the House
passed on Wednesday did not deal with it. It did, however, codify
ending a pause on loan payments first instituted by President Donald
Trump at the start of the COVID-19 pandemic in March 2020. The
bipartisan agreement bars Biden from issuing another extension of
the current pause, which is set to end by Sept. 1." [Congressional
Quarterly, 6/1/23]
The Package Required Borrowers To Begin Paying Back Their Loans By
The End Of Summer 2023, Which The Biden Administration Had Announced
Previously. According to CNN, "Under the package, borrowers will
have to begin paying back their student loans at the end of the
summer, as the Biden administration has already announced, according
to a source familiar. The pause has been in effect since the
Covid-19 pandemic began." [CNN,
6/2/23]
2022: Fitzpatrick Voted To Allow Federal Student Loan Borrowers Who
Received A Joint Consolidation Loan As Married Couples To Jointly Apply
For Each Borrower To Receive A Separate Federal Loan. In September
2022, according to Congressional Quarterly, Fitzpatrick voted for the
Joint Consolidation Loan Separation Act, which would "permit married or
formerly married federal student loan borrowers who received a joint
consolidation loan as a married couple to jointly apply to the Education
Department for each individual to receive a separate federal loan,
including if the original loan is in default. The separate loans would
be split proportionally based on the percentage of the joint loan
attributable to each borrower, or according to the provisions of a
divorce agreement." The vote was on passage. The House passed the bill
by a vote of 232-193, thus the bill was sent to President Biden and it
ultimately became law. [House Vote 448,
9/21/22; Congressional
Quarterly, 9/21/22;
Congressional Actions, S.
1098]
The Bill Allowed Borrowers To Apply On Their Own If They Were
Victims Of Domestic Violence Of Economic Abuse, Were Unable To
Reasonably Access The Loan Information Of The Other Borrower, Or If
The Education Department Determined The Application Was In The Best
Fiscal Interest Of The Government. According to Congressional
Quarterly, "It would permit borrowers to apply individually if they
experienced domestic violence or economic abuse from the other
borrower; are unable to reasonably reach or access the loan
information of the other borrower; or if the department determines
that authorizing the individual application would be in the best
fiscal interests of the federal government." [Congressional
Quarterly, 9/21/22]
The Bill Closed A Loophole Created In The 1990s, When Congress
Authorized Married Couples To Consolidate Their Student Loans For A
Lower Interest Rate, But When The Program Ended In 2006, Congress
Never Authorized A Process For Loan Separation. According to NPR,
"The bill in question, the Joint Consolidation Loan Separation Act,
which President Biden is expected to sign this week, closes a
loophole created in the 1990s, when Congress began allowing married
couples to consolidate their student loans for a lower interest
rate. It seemed like a good idea back then -- a way for couples to
save money on their loans and have a single monthly payment.
Congress shuttered the program in 2006, but never passed a way to
separate the loans" [NPR,
10/3/22].]
Between 2006 And 2022, About 14,000 Borrowers Were Linked To Each
Other, Even Divorced Borrowers And In Certain Circumstances,
Borrowers Were Linked To Abusive Former Spouses. According to NPR,
"Sixteen years later, about 14,000 borrowers are still shackled to
each other -- even after divorce, an NPR investigation found. In
some cases, borrowers are being held responsible for debt that was
linked with an abusive former spouse, forced to choose between
paying a debt that isn't theirs or tanking their credit as they wait
for a solution." [NPR,
10/3/22]
The Bill Allowed Borrowers With Joint Consolidation Loans To
Separate Their Loans Proportionally Based On Their Initial Loan.
According to NPR, "The new legislation will allow borrowers with
joint consolidation loans to separate them proportionally based on
their initial loan amount." [NPR,
10/3/22]
The Bill Instructed Borrowers To Apply Through The Education
Department, In Which Both Parties Would Sign To Separate The Debts,
But If Borrowers Were Victims Of Domestic Abuse Or Economic Abuse Or
Were Unable To Reach A Former Partner, They Could Apply
Individually. According to NPR, "Borrowers must apply through the
U.S. Education Department, which will ask both parties attached to
the loan to sign a form separating the debts. However, if a borrower
can show they experienced domestic violence or economic abuse from
their former partner, or they are unable to reach their former
partner, they can initiate the separation by themselves." [NPR,
10/3/22]
The Bill Also Opened The Ability For Many Borrowers To Have Their
Loans Forgiven As Part Of The Public Service Loan Forgiveness
Program. According to NPR, "For many, the Joint Consolidation Loan
Separation Act will also open a path to having their loans erased as
part of the federal government's Public Service Loan Forgiveness
(PSLF) program." [NPR,
10/3/22]
2023: Fitzpatrick Voted To Override President Biden's Veto And
Disapprove The Biden Administration's Student Loan Forgiveness Rule,
Which Sought To Forgive Up To $10K In Federal Student Debt And $20K
For Pell Grant Recipients. In June 2023, according to Congressional
Quarterly, Fitzpatrick voted to override President Biden's veto on a
resolution that would "provide for congressional disapproval of an
October 2022 Education Department rule that allows for loan forgiveness
of up to $10,000 in loan debt for federal student loan borrowers and
another $10,000 for such borrowers who also received a Pell Grant. The
rule limits eligibility for such loan forgiveness to borrowers with a
maximum adjusted gross income of $125,000, or $250,000 for joint
filers. The rule also extended, through the end of 2022, the suspension
of student loan payments, the cessation of interest accrual and the
suspension of involuntary loan collections. It allowed suspended loan
payments during that period to count towards loan forgiveness or loan
rehabilitation programs. The rule took effect on Oct. 12, 2022, but its
loan forgiveness provisions have not been implemented pending legal
challenges. Under the provisions of the joint resolution, the Education
Department rule would have no force or effect, canceling the loan
forgiveness program and reinstating loan payments and interest accrual
that was suspended under the rule." The vote was on a veto override. The
House failed to acquire a 2/3 majority and rejected the motion by a vote
of 221 to 206, thus the veto was sustained. [House Vote 277,
6/21/23; Congressional
Quarterly, 6/21/23;
Congressional Actions, H.J. Res.
45]
2023: Fitzpatrick Voted To Disapprove The Biden Administration's
Student Loan Forgiveness Rule, Which Sought To Forgive Up To $10K In
Federal Student Debt And $20K For Pell Grant Recipients. In May 2023,
according to Congressional Quarterly, Fitzpatrick voted for a resolution
that would "provide for congressional disapproval of an October 2022
Education Department rule that allows for loan forgiveness of up to
$10,000 in loan debt for federal student loan borrowers and another
$10,000 for such borrowers who also received a Pell Grant. The rule
limits eligibility for such loan forgiveness to borrowers with a maximum
adjusted gross income of $125,000, or $250,000 for joint filers. The
rule also extended, through the end of 2022, the suspension of student
loan payments, the cessation of interest accrual and the suspension of
involuntary loan collections. It allowed suspended loan payments during
that period to count towards loan forgiveness or loan rehabilitation
programs. The rule took effect on Oct. 12, 2022, but its loan
forgiveness provisions have not been implemented pending legal
challenges. Under the provisions of the joint resolution, the Education
Department rule would have no force or effect, canceling the loan
forgiveness program and reinstating loan payments and interest accrual
that was suspended under the rule." The vote was on passage. The House
passed the resolution by a vote of 218 to 203, thus the resolution was
sent to the Senate. The Senate passed the resolution and sent it to the
President. President Biden vetoed the resolution. [House Vote 234,
5/24/23; Congressional
Quarterly, 5/24/23;
Congressional Actions, H.J. Res.
45]
Republicans Claimed The Rule Would Add Billions To The Federal
Debt Without Addressing Rising College Costs And Argued The Plan Was
Unfair For Those Who Already Paid Off Their Loans Or Those Who Did
Not Go To College. According to Congressional Quarterly,
"Republicans said the president's proposal would add billions to the
federal debt while doing nothing to address the rising cost of
college. They also argued Biden's plan is inherently unfair to those
who already paid off their loans or did not attend college."
[Congressional Quarterly,
5/24/23]
The Student Loan Relief Program Would Cancel Up To $10K In Debt
For Most Students And Up To $20K For Pell Grant Recipient, But The
Program Was Placed On Hold Due To Court Challenges. According to
Congressional Quarterly, "Biden announced the student loan relief
program in August, fulfilling a campaign promise and winning
applause from progressives, some of whom had sought a far higher
debt relief threshold. The plan, which has been put on hold by court
challenges, would cancel up to $10,000 in debt for most students,
and up to $20,000 for those who received a Pell Grant."
[Congressional Quarterly,
5/24/23]
The Congressional Budget Office Estimated That Rescinding The
Student Loan Relief Program Would Cut Spending By $320 Million.
According to Congressional Quarterly, "The Congressional Budget
Office estimated that eliminating the program would cut spending by
$320 billion this fiscal year." [Congressional Quarterly,
5/24/23]
Of The 26 Million Applicants, The Student Loan Relief Program Had
Approved Over 16 Million Applications. According to Congressional
Quarterly, "About 26 million people have applied for the program and
more than 16 million applications were approved, according to a fact
sheet prepared by the White House." [Congressional Quarterly,
5/24/23]
House Democrats Argued That Ending The Student Relief Program
Would Disproportionately Impact Female, Black, Latinx,
First-Generation, And Working-Class College Students. According to
Congressional Quarterly, "House Democrats said the GOP effort to
derail Biden's debt relief plan would disproportionately hurt
female, Black, Latino and first-generation college students, as well
as the working-class voters the GOP is seeking to reach."
[Congressional Quarterly,
5/24/23]
2023: Fitzpatrick Effectively Voted To Disapprove The Biden
Administration's Student Loan Forgiveness Rule. In May 2023, according
to Congressional Quarterly, Fitzpatrick voted for the "adoption of the
rule (H Res 429) that would provide for floor consideration of [...]
the joint resolution (H J Res 45) disapproving the Biden
administration's student loan forgiveness rule. The rule would provide
for up to one hour of general debate on each measure. It would make in
order floor consideration of three amendments to HR 467." The vote was
on the adoption of the rule. The House adopted the rule by a vote of 217
to 204. [House Vote 231,
5/23/23; Congressional
Quarterly, 5/23/23;
Congressional Actions, H.Res.
429;
Congressional Actions, H.J. Res.
45]
2023: Fitzpatrick Effectively Voted To Disapprove The Biden
Administration's Student Loan Forgiveness Rule. In May 2023, according
to Congressional Quarterly, Fitzpatrick voted for the "motion to order
the previous question (thus ending debate and possibility of amendment)
on the rule (H Res 429) that would provide for floor consideration of
[...] the joint resolution (H J Res 45) disapproving the Biden
administration's student loan forgiveness rule. The rule would provide
for up to one hour of general debate on each measure. It would make in
order floor consideration of three amendments to HR 467." The vote was
on a motion to order the previous question. The House agreed to the
motion by a vote of 219 to 208. [House Vote 230,
5/23/23; Congressional
Quarterly, 5/23/23;
Congressional Actions, H.Res.
429;
Congressional Actions, H.J. Res.
45]
2023: Fitzpatrick Voted For A GOP Debt Limit Package, Which Would
Nullify President Biden's Executive Orders That Suspended Student Loan
Payments And Bar The Education Department From Implementing Similar
Policies Without Congressional Approval. In April 2023, according to
Congressional Quarterly, Fitzpatrick voted for the Limit, Save, Grow Act
of 2023, which, "To limit regulatory spending, the bill would nullify
pending executive actions suspending student loan payments and prohibit
the Education Department from implementing any substantially similar
actions without congressional approval." The vote was on passage. The
House passed the bill by a vote of 217 to 215, thus the bill was sent to
the Senate. [House Vote 199,
4/26/23; Congressional
Quarterly, 4/26/23;
Congressional Actions, H.R.
2811]
2020: Fitzpatrick Voted For Providing $10,000 In Private Student Debt
Forgiveness To Every Borrower. In July 2020, Fitzpatrick voted for an
amendment to the FY 2021 NDAA that would, according to Congressional
Quarterly, "require the Treasury Department to carry out a program to
make payments of up to $10,000 to help pay down private education
student loans. It also would require loan holders that receive payments
under the program to modify the loan to lower monthly payments by the
borrower." The vote was on adoption. The House adopted the amendment by
a vote of 217-198. [House Vote 149,
7/21/20; Congressional
Quarterly, 7/21/20;
Congressional Actions,
H.Amdt.840;
Congressional Actions,
H.R.6395]
The Amendment Provided $10,000 In Private Student Loan
Forgiveness To Every Borrower. According to Forbes, "Rep.
Madeleine Dean (D-PA) has introduced legislation to cancel private
student loan debt in response to the Coronavirus pandemic and
economic recession. [...] Dean's proposal would provide for
$10,000 in private student loan forgiveness for every borrower."
[Forbes,
7/20/20]
Republicans Opposed The Amendment, Calling It "Socialized Student
Debt." According to Forbes, "Republicans blasted Dean's proposal.
Rep. Blaine Luetkemeyer (R-MO) accused Democrats of trying to
'socialize all student debt.'" [Forbes,
7/20/20]
2017: Fitzpatrick Voted For The House GOP's 2017 Tax Reform Plan Which
Significantly Cut Taxes For The Rich And Corporations And Repealed The
Tax Deduction For Student Loan Interest. In November 2017, Fitzpatrick
voted for reconciliation legislation which significantly altered the
federal tax code. According to Congressional Quarterly, "The bill
substantially restructures the U.S. tax code to simplify the code and
reduce taxes on individuals, corporations and small businesses. For
individuals, it consolidates the current seven tax brackets down to four
and eliminates or restricts many tax credits and deductions, including
by eliminating the deduction for state and local income taxes and
limiting the deduction for property taxes to $10,000 and the interest
deduction for a home mortgage to the first $500,000 worth of a loan.
[...] On the business side, it reduces the corporate tax from 35% to
20% and establishes a 'territorial' tax system that would exempt most
income derived overseas from U.S. corporate taxation. It allows
businesses to immediately expense 100% of the cost of assets acquired
and placed into service, and for small businesses it raises the Section
179 expensing limit to $5 million for five years. It also establishes a
25% rate for a portion of pass-through business income that would
otherwise have to be paid at the ordinary individual tax level, and for
small businesses where an individual would receive less than $150,000
in pass-through income it taxes the first $75,000 of that income at a
9% rate." The vote was on passage. The House passed the bill by a vote
of 227 to 205. President Trump later signed an amended version of the
bill into law. [House Vote 637,
11/16/17; Congressional
Quarterly, 11/15/17;
Congressional Actions, H.R.
1]
Legislation Repealed The Tax Deduction For Student Loan
Interest. According to the Washington Post, "At the moment, low
and middle income Americans can deduct up to $2,500 a year in
student loan interest. That benefit would go away in 2018."
[Washington Post,
11/16/17]
In 2015, 12 Million People Used This 'Above The Line' Tax
Deduction. According to CNBC, "In 2015, more than 12 million
borrowers included a student loan interest deduction on their Form
1040, according to IRS records. Those taxpayers represent nearly 3
in 10 of the estimated 44 million Americans with student loan debt.
Under current rules, borrowers can deduct up to $2,500 in interest
paid toward qualifying federal and private student loans. (See
infographic below for some of the ins and outs.) It's an
'above-the-line' deduction on your Form 1040, meaning it directly
reduces your taxable income --- and you don't need to itemize to
claim it." [CNBC,
11/2/17]