Congress wants to kill two education tax credits. That would cost American students billions in lost benefits.

The article discusses the potential elimination of two significant education tax credits: the American Opportunity Tax Credit (AOTC) and the Lifetime Learning Credit (LLC), as proposed by Republican leaders in Congress. These credits provide financial relief for students, with the AOTC offering up to $2,500 and the LLC up to $2,000 annually for qualified education expenses. The proposed cuts could save the government an estimated $85 billion over ten years, but would likely disproportionately affect middle-class and vulnerable students, who rely on these credits amidst rising student loan debt. The article also highlights the importance of tax reform and the need for individuals to seek professional tax assistance to navigate the complexities of the tax system. [Extracted from the article]