Do feel it is a good idea to give special tax credit to companies sponsoring education? | Quick Homework Help

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Tax Credit for Companies Sponsoring College Education

One of the emerging issues in American society is the fact that many people have been protesting that the opportunity cost of a college education has been increasing exponentially. While this is true, the main civil crisis is that the representation of the minorities has decreased significantly in public and private institutions of higher education. This makes the cost of education an indirect cause of segregation in American colleges. The issue has gained the attention of various members of the society, and protests to the government to look into the matter have led to the concerned authorities looking into alternatives to ensure that the rising cost does not lead to a bigger civil crisis. The fact that the government cannot lower the cost of college education implies that there is a need to find ways to increase the participation of the corporate sector in funding educational programs for more students who cannot afford the same. Colleges have been running sponsorship programs that entail helping specific students to pay for their college education for several years.

Green (2019) reveals that one of the proposals forwarded by the Education Secretary is for the Federal government to develop a tax credit targeting the education sector, with a particular focus on crediting the companies that have actively been providing sponsorship to students and ensuring that there are employment projects to nurture youths’ talents. The proposal is meant to lure more corporations in the nation to drive their corporate social responsibilities toward the promotion of access to a college education for students from poor backgrounds. This should enhance the financial wellness of the parents who have been complaining of the cost of college education, especially when considering the 2017 review of the limit of the Child Tax Credit. The main purpose of the proposed credit for companies is to ensure that the profit and non-profit entities in various states pledge to continue investing in education through the donation of funds to scholarship programs in colleges. This will ultimately increase the level of diversity in the campuses because the majority of the beneficiaries will be the members of the minority groups.

The current increment in the cost of education has also seen many students opting to pursue their talents and business investment after high school because going to college no longer guarantees access to employment after graduation. The current level of desperation in the employment sector has seen the government being criticized for misleading students to take education loans that haunt them after graduating with no opportunities for employment. The proposed federal tax credit aims at introducing a system where companies that are actively engaged in the development of employment opportunities for the youth will receive credit on their annual taxes (Green, 2019). The policy required to facilitate this taxation would have to consider the level of funding offered by the respective companies and their annual taxes; hence, the proposal would have to be adopted at both the federal and state levels. Most importantly, it should not interfere with the revenue generation at the local level because the government would have to come up with different and probably relatively difficult solutions to the deficits that would ensue.

The main purpose of the proposed policy is to combat the protests that have been mounted against the government, with respect to the cost of college education and the impact on society. The most prestigious universities in the nation have seen a significant decline in the enrollment of Blacks and other members of the minority ethnic groups because of their financial predicaments. This has led to an outcry by the minority groups, with respect to the fact that there is segregation in the education system (Green, 2019). Segregation is an issue that has haunted the American society for many years, and it was one of the bases of the Civil War. There is a clear indication that segregation in the education system always translates to further discrimination in society as the economic wellness of the disadvantaged members of the society. The fact that this issue has made the federal government propose a tax credit to the stakeholders in scholarship programs and in the creation of opportunities for youth to nurture their talents reveals that it is a crisis that needs to be addressed with immediate effect before it becomes a major issue between the various social groups.

Conclusion

The essence of developing tax credits is to promote the wellness of the beneficiaries, and the education tax credit being proposed by the federal government aims at benefiting the companies that will volunteer to fund various programs associated with enabling children from the low-income families to access education in colleges. The government can no longer sustain the requirements to control the cost of a college education; hence, it is obliged to look for other ways to help the minority groups to access the same privileges in education as their White counterparts. There is a need to enhance the diversity level of colleges across the nation to eliminate the risk of developing a civil crisis that is looming in the education field.

Do feel it is a good idea to give special tax credit to companies sponsoring education?

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