After subtracting student fees and paying for insurance, doctoral student Tom Millay takes home about $15,000 per year from a Baylor University stipend. But soon he could be taxed as though he earns three times more. Millay, who is studying religion and works as graduate assistant at Baylor, is one of thousands of doctoral students in Texas and beyond watching nervously as Congressional Republicans iron out the details of their tax cut bill. In exchange for his teaching duties, Millay receives free tuition — a $30,000 savings — and an annual stipend of $20,000. If lawmakers approve the House version of the bill, tuition waivers like his would be marked as taxable income, causing a major financial hit for him and thousands of graduate students like him.
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