How the GOP tax proposal would affect new physicians

The proposed Republican tax bill would eliminate the student loan interest deduction, according to STAT.

The current rule allows recent medical graduates earning less than $80,000 a year to deduct up to $2,500 in interest on private or public student loans, according to the report.

To put the potential effect of a repeal in context, data from the Association of American Medical Colleges shows 75 percent of 2017 medical school graduates had total student loan debt averaging $190,694.

The Joint Committee on Taxation estimates repealing the student loan interest deduction would increase revenues by $47.5 billion by 2027.

 

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