November 23, 2003
Leave No Teacher Behind
I have come up with my Leave No Teacher Behind Act. In its roughest form, it means forgiving all teachers their federal income tax. -- Richard Cohen, Washington Post, 11/17/03
This is the most brilliant idea I've heard in a long time. Give teachers a financial break as an incentive to attract people into the profession (I think this should go for nursing and other 'service' careers that are in jeopardy right now, too). There's already the "educator expense deduction" on the 1040 form, but that's a pittance ($250 max) and I believe it only covers K-12 teachers.
Everyone knows that all teachers, in all fields, aren't paid well and this is a disincentive to becoming a teacher (although I should say that the ones who do become teachers despite the poor pay are smart people who know that following one's calling is a far greater reward than following the dollar bill signs). I like Cohen's idea a LOT.
Since I'm on the topic of money, I should say that I discovered this newsstory through a syndication feed at 403(b)wise... a site devoted to the favored retirement plan for most teachers -- and a site I learned about from the TIAA-CREF newsletter awhile back. 403(b)wise is selling a book (which is probably good), but it also offers a load of good "finance for teachers" information, including an overview of upcoming Bush ERSA legislation that may radically effect teachers' retirement accounts.
I'm an English professor, so as you can imagine accounting and finance is something quite alien to me. When I first started teaching full-time in 1999, I had to teach myself how to do the finances particular to teaching. But if this stuff interests you, then you might also want to read the books I did. Invest in a copy of The Complete Teacher's Guide to Retirment Wealth by Vincent Tate. (The book's website oversells a bit too much...but I've read this book and I can report that it IS a very useful one). Tate's book is helpful in getting your finances in order and developing a plan for retirement. Taxes are something different. I never understood what was deductable and what wasn't... until I discovered the Educator's Tax Guide from ETPS. I suspect a newer, similar book that might be even better is the AIS 2003 Tax & Financial Guide for College Teachers.
Trackback Pings
You can ping this entry by using .
Test, test... I think it's alive!