Show us the money Clinton tax cut proposal is a good start President Clinton announced his administration's education initiative this week. The plan aims at making higher education more affordable, easier to complete and a more realistic dream for the college students of the future. The centerpiece of the strategy is the bipartisan Schumer-Snowe plan, a $31.4 billion investment over 10 years in the form of targeted tax credits, federal grants and a program to encourage and facilitate the collegiate goals of younger students. This initiative will help make college education more affordable to everyone. Thirty billion dollars come in the form of the College Opportunity Tax Cut. Under the proposal, families would have the option to claim a tax deduction or a tax credit of 28 percent on up to $10,000 of tuition and fees. Households with incomes of up to $120,000 would be eligible, and single filers could make up to $60,000. The tax credit would apply to all levels of higher education. This scenario would apply to every student within a household and there would be no limit on how many times students could take advantage of this tax credit. Another $400 million would fund Gaining Early Awareness and Readiness for Undergraduate Programs (GEAR UP.) This national program encourages disadvantaged youths to pursue higher education. GEAR UP students receive information about assistance programs that can make a college degree a feasible goal. GEAR UP advises them on what classes they should take to prepare them for post-secondary education. The cost of a higher education has quadrupled over the past 20 years, nearly twice the rate of inflation. This means that the price of education has increased at a rate faster than that of any other major consumer item, including healthcare. Year after year, the rates keep rising. It is no wonder, then, that 37 percent of students who go on to college drop out before they get a degree. While the Clinton plan would not lower the costs, it certainly would help Americans pay them. This package is of particular merit because it lessens the burden on middle class households, which might not qualify for other longstanding federal aid programs such as Pell Grants and student loans. Currently, these families often face the false choice of serious long-term debt or no college. The federal government has a clear interest in facilitating the post-secondary level education of its citizens. In the service-based economy of the 21st century, our nation's greatest resource is its people. Just as the government provides tax relief incentives for corporations to research and develop new technologies, it makes sense for the country to invest in the brainpower of future America. The importance of this package to University students cannot be overstated. While the full benefits of the proposed plan gradually take effect over 10 years, it would prompt many changes in the coming year. The Opportunity Tax Cuts would total $5,000 in 2001, as would the Pell Grant increase. Passage of this plan could mean the ability to graduate for some students. The administration's higher education proposal is a decisive step forward that will help millions of Americans who seek a college degree. It has benefits that could make a real difference in the lives of University students. But we hope the road to equal education doesn't stop with this plan. Money alone will not solve inequality. Originally on page 4A in the 1-24-2000 issue of the Daily.