President Barack Obama has pledged to be one of the most open Presidents in American history. To show that he is both tech savvy and willing to hear the comments from all American citizens, he’s transformed WhiteHouse.gov into a blog-style website. The new style of the site comes complete with a contact form where you can send a message to the White House with the hope that President Obama will actually read it.
The link for that portion of the White House’s website may be found by clicking here. I hope that Americans really take this opportunity to send messages to the White House to talk about the things that are affecting them everyday. Personally, I’ve sent two messages to the White House so far – both of them dealing with a tax issue related to student loans.
For those of you who have student loans, you’ll know that you can deduct the interest paid on your loans on your taxes. The problem is that you can only deduct up to $2,500 per tax year. Well hey, if you have massive student loan debt, you may be paying upwards of $5,000 or $6,000 per year in interest alone!
If you’re out there in the world and making good money, but are saddled with gigantic student loan debt, you know that being able to deduct the entire amount of interest paid on student loans would be a great way to put more dollars back in the pockets of the working class…the very people who would not have been able to attend college if it were not for those loans. So this is what I’ve been sending Obama – that you can go ahead and fix the economy, but if people with massive student loan debt are still spending an exorbitant portion of their income on this interest, then fixing the economy won’t matter.
One way to mitigate this problem is allowing Borrowers to deduct the entire amount of their student loan interest. If you agree, here is a short message that you, too, can send to the White House on the contact page listed above:
Tax policies should be revised so that 100% of annual interest paid on student loans can be deducted on personal taxes. Many Borrowers with high student loan debts pay a high portion of their annual, post-tax income as interest on student loans. Currently, only $2,500 may be deducted annually. Borrowers with larger student loan debts routinely pay upwards of $5,000 each year in interest. Allowing the total amount of interest paid to be deducted will better position these citizens in the economy.
You’ll see that you can only submit 500 characters worth of a message to the White House (which makes sense). The italicized blurb above is 500 characters on the dot. So if this is something that you can agree with, please copy and paste the text above into the contact form on the White House website!
