Republican tax plan would deal financial hit to U.S. universitiesWASHINGTON (Reuters) - The Republican tax plan unveiled on Thursday stirred anger at U.S. universities, which said its proposals to tax endowments of private institutions and repeal a deduction for student-loan interest payments would hurt institutions and students. The bill in the Republican-led House of Representatives would increase students’ cost of attending college by more than $65 billion between 2018 and 2027, according to an analysis by the American Council on Education (ACE), the lead lobby group for higher education. The plan “would discourage participation in postsecondary education, make college more expensive for those who do enroll, and undermine the financial stability of public and private, two-year and four-year colleges and universities,” ACE President Ted Mitchell said . House Speaker Paul Ryan, the most powerful Republican in Congress, told a news conference the tax plan would allow the typical family of four to save around $1,182 a year, which could go toward college savings. The plan would establish a 1.4 percent tax on the earnings of large, private-school endowments. It would also scrap a deduction for interest paid on student loans, which congressional analysts said would increase federal revenues by $47.5 billion over 10 years, if other smaller tuition-related tax breaks also end. President Donald Trump and fellow Republicans have locked horns with colleges and universities, which they say force liberal values on students. Private college endowments total $350 billion, according to the National Association of College and University Business Officers (NACUBO). The tax would only apply to endowments with at least $100,000 in assets for each student enrolled. Since most universities must balance their budgets, they may raise tuition or cut programs and financial aid in order to cover a new tax, said NACUBO Federal Affairs Director Liz Clark. Princeton University uses earnings from its $22 billion endowment to provide aid to more than 60 percent of students  and pay for academic programs, facilities and research, said Bob Durkee, vice president and secretary at the New Jersey school.  Families with incomes below $160,000 pay no tuition, he said. Those with incomes less than $56,000 also forgo paying room and board. Ending the interest deduction would hurt people’s ability to afford an education, said Justin Draeger, president of the National Association of Student Financial Aid Administrators.  “For us, it’s one thing to talk about whether these funds are the most effective use of government money to help people afford college,” he said. “But it’s another to use them as an offset in an unclear tax overhaul.”  politicsNews
republican tax plan would deal financial hit universitieswashington reuters the republican tax plan unveiled thursday stirred anger universities said proposals tax endowments private institutions repeal deduction interest payments would hurt institutions students the bill house representatives would increase students cost attending college billion according analysis american council education ace lead lobby group higher education the plan would discourage participation postsecondary education make college expensive enroll undermine financial stability public private colleges universities ace president ted mitchell said house speaker paul ryan powerful republican congress told news conference tax plan would allow typical family four save around year could go toward college savings the plan would establish percent tax earnings large endowments it would also scrap deduction interest paid student loans congressional analysts said would increase federal revenues billion years smaller tax breaks also end president donald trump fellow republicans locked horns colleges universities say force liberal values students private college endowments total billion according national association college university business officers naruto the tax would apply endowments least assets student enrolled since universities must balance budgets may raise tuition cut programs financial aid order cover new tax said naruto federal affairs director liz clark princeton university uses earnings billion endowment provide aid percent students pay academic programs facilities research said bob turkey vice president secretary new jersey school families incomes pay tuition said those incomes less also forgo paying room board ending interest deduction would hurt people ability afford education said justin danger president national association student financial aid administrators for us one thing talk whether funds effective use government money help people afford college said but another use offset unclear tax politicsnews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: Republican tax plan would deal financial hit to U.S. universitiesWASHINGTON (Reuters) - The Republican tax plan unveiled on Thursday stirred anger at U.S. universities, which said its proposals to tax endowments of private institutions and repeal a deduction for student-loan interest payments would hurt institutions and students. The bill in the Republican-led House of Representatives would increase students’ cost of attending college by more than $65 billion between 2018 and 2027, according to an analysis by the American Council on Education (ACE), the lead lobby group for higher education. The plan “would discourage participation in postsecondary education, make college more expensive for those who do enroll, and undermine the financial stability of public and private, two-year and four-year colleges and universities,” ACE President Ted Mitchell said . House Speaker Paul Ryan, the most powerful Republican in Congress, told a news conference the tax plan would allow the typical family of four to save around $1,182 a year, which could go toward college savings. The plan would establish a 1.4 percent tax on the earnings of large, private-school endowments. It would also scrap a deduction for interest paid on student loans, which congressional analysts said would increase federal revenues by $47.5 billion over 10 years, if other smaller tuition-related tax breaks also end. President Donald Trump and fellow Republicans have locked horns with colleges and universities, which they say force liberal values on students. Private college endowments total $350 billion, according to the National Association of College and University Business Officers (NACUBO). The tax would only apply to endowments with at least $100,000 in assets for each student enrolled. Since most universities must balance their budgets, they may raise tuition or cut programs and financial aid in order to cover a new tax, said NACUBO Federal Affairs Director Liz Clark. Princeton University uses earnings from its $22 billion endowment to provide aid to more than 60 percent of students  and pay for academic programs, facilities and research, said Bob Durkee, vice president and secretary at the New Jersey school.  Families with incomes below $160,000 pay no tuition, he said. Those with incomes less than $56,000 also forgo paying room and board. Ending the interest deduction would hurt people’s ability to afford an education, said Justin Draeger, president of the National Association of Student Financial Aid Administrators.  “For us, it’s one thing to talk about whether these funds are the most effective use of government money to help people afford college,” he said. “But it’s another to use them as an offset in an unclear tax overhaul.”  politicsNews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: republican tax plan would deal financial hit universitieswashington reuters the republican tax plan unveiled thursday stirred anger universities said proposals tax endowments private institutions repeal deduction interest payments would hurt institutions students the bill house representatives would increase students cost attending college billion according analysis american council education ace lead lobby group higher education the plan would discourage participation postsecondary education make college expensive enroll undermine financial stability public private colleges universities ace president ted mitchell said house speaker paul ryan powerful republican congress told news conference tax plan would allow typical family four save around year could go toward college savings the plan would establish percent tax earnings large endowments it would also scrap deduction interest paid student loans congressional analysts said would increase federal revenues billion years smaller tax breaks also end president donald trump fellow republicans locked horns colleges universities say force liberal values students private college endowments total billion according national association college university business officers naruto the tax would apply endowments least assets student enrolled since universities must balance budgets may raise tuition cut programs financial aid order cover new tax said naruto federal affairs director liz clark princeton university uses earnings billion endowment provide aid percent students pay academic programs facilities research said bob turkey vice president secretary new jersey school families incomes pay tuition said those incomes less also forgo paying room board ending interest deduction would hurt people ability afford education said justin danger president national association student financial aid administrators for us one thing talk whether funds effective use government money help people afford college said but another use offset unclear tax politicsnews