This will make it easier for students to apply for college financial aid.

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Until recently, the kiddie tax only applied to children under the age of 14, but in 2005, the Tax Increase Protection and Reconciliation Act moved the age to 18, and the new legislation that was passed on Friday expanded it further: Effective Jan. 1, 2008, the kiddie tax will apply to children age 18 and younger as well as college students under the age of 24.

FORBES: The New Kiddie Tax

Switch the story around and apply it to the thousands of college students graduating each year from top-tier universities and you will see a completely different career decision making process.

FORBES: Career Advice For Graduates