Word: deductionism
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For years, the state has copied the Federal government's model. The tax deduction was capped at $1,000 in cumulative savings over the first five years of repayment.
Offering a full deduction on student loans will keep more college-educated in the state after they graduate, said the sponsor of the budget provision, state senator Cheryl A. Jacques (D-Norfolk, Bristol and Middlesex).
Harvard student Eric S. Olney '98, who, as an undergraduate testified before the Senate Ways and Means committee in support of the deduction, said he agrees it will influence students to stay in Massachusetts.
State Representative. Brian Knuuttila (D-Worcester and Middlesex), who sponsored the measure in the state House of Representatives, said the deduction is important for families who have more than two children and take out loans.
If you're on the fence about taking the standard deduction or itemizing, you might consider a strategy, known as bunching, in which you defer deductions one year, accelerate them the next, and so on. That allows you to benefit from itemizing every other year while taking the standard deduction...