Peter Roskam: “Every single year American taxpayers give colleges and universities billions of dollars worth of tax breaks.”

That seems foolish, as it is presented now.

That is right. So, to the gentleman's point, a deduction is a decrease in a taxable liability; a credit is a credit. Once the tax is calculated, the credit is an amount that comes off of that tax liability, so it is a very significant…

The burden locally will be enormous if that is not spoken to and remedied in some way.

But there are some subtleties there that I need to learn more about.