Science Organizations Pan GOP Tax Overhaul; Industry Cheers Plan
Nov. 29, 2017
While the chemical industry approves of the House tax reform plan, science organizations believe it will harm research.
The chemical industry is a fan of the massive Republican tax reform passed through the House of Representatives, science organizations not so much. According to an article from Chemistry World, the American Chemistry Council expressed satisfaction with the tax overhaul, which it says will modernize the tax system and stimulate economic growth and job creation, even as dozens of science organizations publicly oppose the measure.
The American Chemical Society, the American Association for the Advancement of Science and 44 other scientific and engineering societies have reportedly reached out to House leaders regarding provisions in their bill that the groups say will eliminate tax provisions for graduate students and disproportionately impact those pursuing STEM disciplines, crippling the U.S. innovation pipeline. According to the article, the Senate’s tax proposal retains many of the student benefits eliminated by the House, but still unduly burdens nonprofit universities by eliminating the state and local tax deductions, which will discourage state investment in public colleges and universities.
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