Student Loan Interest Deduction - The government should not cap the amount a taxpayer can deduct for student loan interest. The US Tax Code currently only allows taxpayers to deduct up to is the lesser of $2,500 or the amount of interest you actually paid. But, only if your modified adjusted gross income is less than $75,000($155,000 if filing joint return). As college tuition rises greater than any other cost in our society and the need for a higher education continues, students graduate with insurmountable amounts of debt. Taxpayers should be rewarded for responsibly paying off their loans, similar to home mortgages. An educated society promotes job growth, health and home ownership but this cannot be achieved with an entire generation drowning in high interest student debt.
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