Overview. The Department of Education spends about $30 billion a year on subsidies for higher education. The bulk of that funding goes toward student aid programs, with the balance going toward grants to educational institutions.ote that the figures for loans are the net amount of federal support, based on assumptions about loan repayments. The gross amount of loans is much largerâin fiscal 2008, the gross amount of loans was $110 billion. In recent years, Congress has expanded subsidies for higher education.
Loading the player... A tax credit is an amount of money a taxpayer is able to subtract from taxes owed to the government. The value of a tax credit depends on the nature of the credit, and certain types of tax credits are granted to individuals or businesses in specific locations, classifications or industries.
Individuals can deduct personal property taxes paid during the year as an itemized deduction on Schedule A. Personal property taxes are taxes that are imposed by a state or local tax authority based on the value of an individualâs personal property. Another term for personal property tax is an ad valorem tax. An example of personal property tax is the tax imposed on the value of a car and assessed as part of an annual vehicle registration fee. What's Eligible to be Deducted as Personal Property Tax The tax code defines personal property tax pretty simply.