U.S. Rep. Mark Pocan, D-Wis., introduced the Student Loan Interest Deduction Fairness Act Thursday, which would allow married couples to access the same tax deduction for interest paid on student loans as individuals, according to a press release.
Current law allows individuals to file for $2,500 in tax deductions for interest paid on student loans, but only allows married couples to receive up to $2,500 jointly.
Pocan said in the statement he hopes the bill will “fix an inequity in our tax code and help these families, which hold 58 percent of all student debt, pay off their crushing levels of student loan debt.”
Student debt has reached $1.2 trillion nationally, and the majority of this debt, 58 percent, is held by the bottom 25 percent of household incomes, according to the statement.
Pocan additionally sponsored the Promoting Apprenticeships for Credentials and Employment Act. The PACE Act seeks to “help workers and businesses by investing in apprenticeships and increasing the number of skilled workers in growing sectors,” according to a statement from U.S. Sen. Patty Murray, D-Wash., who co-introduced the act.