During today’s program, Larry O’Connor spoke with teachers (and their spouses) about buying school supplies for students. Share your thoughts on The Larry O’Connor Show.
Teachers spend nearly $500 a year on supplies. Under the GOP tax bill, they will no longer get a tax deduction. (The Washington Post)
It’s well known that teachers — even those who earn meager salaries — dig deep into their own pockets for supplies to do their jobs, with one study estimating they spend an average of nearly $500 a year on everything from pencils to batteries.
For now, teachers can get a small tax break — deducting up to $250 from their taxes — for what they spend on supplies. But under the GOP tax reform bill, that deduction would go away for teachers and other categories of workers, including certain state and local officials and performing artists.
The proposal to eliminate that deduction and others is part of an effort to simplify the tax code, and proponents say that with an overall cut in tax rates, those who benefit from the deductions may still see their tax bills fall. But it is difficult to gauge how the plan will affect middle- and working-class families.
Still, teacher unions immediately lashed out at the plan to eliminate the deduction, saying it would hurt cash-strapped teachers. [Read More]
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