Without other changes, a tax on tuition will make grad school unaffordable to most doctoral students. In computer science where potential PhD students can typically get lucrative jobs in industry, we'll certainly see a precipitous drop in those who choose to continue their studies. Universities will have to adjust by lower tuition, if finances and state law allows, and raising stipends. US government science funding will at best remain flat so in almost any scenario we'll see far fewer students pursue PhD degrees particularly in CS and STEM fields. Keep in mind we already don't come close to producing enough CS PhD students entering academia to meet the dramatically growing demand and these moves could frustrate faculty who also might head off to industry.
The current senate proposal leaves the exemption in place though no one can predict what will happen the the two bills get reconciled. In the best case scenario this bill goes the same way as the failed health care reform but republicans seem desperate to pass something major this fall. So reach out to your representatives, especially your senators, and express the need to leave in the exemption.