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re: Cancel student debt for nearly everyone?
Posted on 1/15/20 at 8:40 am to LetsgoGamecocks
Posted on 1/15/20 at 8:40 am to LetsgoGamecocks
quote:
People who paid their own way should get a check for $5,000
This is probably more realistic if anything. Plus we all know the people who paid off their degrees will do a lot more good and be more productive with the 5K than most all of the deadbeats who had their 50K tab paid off.
This post was edited on 1/15/20 at 9:39 am
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Posted on 1/15/20 at 8:42 am to LetsgoGamecocks
quote:
People who paid their own way should get a check for $5,000
And where is this $5,000 going to come from?
Remember people, the government cannot got anyone anything that it doesn’t take from someone else.
Posted on 1/15/20 at 8:44 am to LSU1018
quote:
Moving it to a 2% interest rate seems like a better compromise.
This. I don't like that the Government is in the business of making money while its citizens are trying to better themselves/advance their career earnings potential.
As a society, we should want more educated citizens.
Posted on 1/15/20 at 9:00 am to MikeBRLA
quote:
But this would actually put MORE people through the stress of paying off student loans (via higher taxes).
As mentioned earlier, all this does is transfer the responsibility of paying off student loans away from those who took out the loans to those who didn’t (the taxpayers).
I don't think this is the issue that should kill it. Just giving out money for loans does nothing to fix the issue. People will still get unsustainable loans for a degree for a job that can barely make interest payments. In 10 years we'd be right back where we were with the next generation in crushing student debt.
This post was edited on 1/15/20 at 9:03 am
Posted on 1/15/20 at 9:00 am to lsu xman
Here is a hot take on this.
Let’s make student loan debt tax deductible not just interest, that way you can encourage people to pay it back and not just give it away.
But I would limit the deduction to the maximum average 4 year tuition to your in-state school’s tuition and student fees.
Room and meal expenses could be deducted at 50% of average costs.
Let’s make student loan debt tax deductible not just interest, that way you can encourage people to pay it back and not just give it away.
But I would limit the deduction to the maximum average 4 year tuition to your in-state school’s tuition and student fees.
Room and meal expenses could be deducted at 50% of average costs.
Posted on 1/15/20 at 9:15 am to lsu xman
I think one of the most clear actions for trackling the student debt crisis is making every dollar up to a certain amount you pay on them a year a tax write off. I don't have any student debt, but I think that would be a good middle ground for every side involved.
Posted on 1/15/20 at 9:20 am to Smeg
quote:
Seems unfair to the students who worked hard and paid off their loans.
Yes it does. frick them. I made sacrifices for years to pay that shite off with my own earned money. Are they going to pay that back to me? frick I hate irresponsible people
Posted on 1/15/20 at 9:20 am to lsu xman
Warren is proposing
Cancelling student debt
Making college "free"
"Free" healthcare
The new green deal
"Free" childcare
She's a populist loon with no understanding of economics desperately trying to get elected.
Cancelling student debt
Making college "free"
"Free" healthcare
The new green deal
"Free" childcare
She's a populist loon with no understanding of economics desperately trying to get elected.
Posted on 1/15/20 at 9:22 am to RogerTheShrubber
quote:
Warren is proposing
Cancelling student debt
Making college "free"
"Free" healthcare
The new green deal
"Free" childcare
She's a populist loon with no understanding of economics desperately trying to get elected.
What she's not telling her supporters is that these would require massive tax increases on the middle class. There aren't enough rich people to pay for even portions of this.
Posted on 1/15/20 at 9:24 am to fallguy_1978
quote:
What she's not telling her supporters is that these would require massive tax increases on the middle class
Correct. She's playing into class warfare to excite the losers in life but she's flat out lying.
Populism plays to the lowest common denominator.
Posted on 1/15/20 at 9:24 am to lsu xman
Another issue is ppl joined military to get college paid for.
People choose one school or another due to cost.
I for one turned down Ivy League due to cost.
Not having debt is nice. But, those connections I'd have made and Yale on resume would look really good.
People choose one school or another due to cost.
I for one turned down Ivy League due to cost.
Not having debt is nice. But, those connections I'd have made and Yale on resume would look really good.
Posted on 1/15/20 at 9:27 am to Tarps99
quote:
Let’s make student loan debt tax deductible not just interest, that way you can encourage people to pay it back and not just give it away.
As it is now, not only is it only interest that is deductible, but that is capped at $2,500 per year and has a fairly aggressive income phase out.
But heaven forbid you mention how much Boomers have gotten from the government teet via the mortgage interest deduction
Posted on 1/15/20 at 9:28 am to lsu xman
quote:
WASHINGTON (AP) — Presidential candidate Elizabeth Warren says she’d order her secretary of education to cancel up to $50,000 in college debt for about 95% of student borrowers on her first day in office, effectively erasing outstanding loans for about 42 million Americans.
Does the executive branch actually have that power? Maybe they do, but I feel like something this big should require an act of Congress. That's potentially a $2 trillion payout (assuming all 42 million people have the maximum $50k forgiven, which wouldn't be the case, but that's the worth case scenario, mathematically).
Posted on 1/15/20 at 9:29 am to Joshjrn
quote:
But heaven forbid you mention how much Boomers have gotten from the government teet via the mortgage interest deduction
I'm not a boomer but you don't write off your mortgage interest? I pay as little in taxes as possible.
Posted on 1/15/20 at 9:30 am to DeafJam73
quote:
And we’ll be paying that back with taxes. It all comes full circle.
I don't support this, but it's a drop in the bucket compared to how much is wasted on the defense (a.k.a. the Defense Contractor Welfare program).
Posted on 1/15/20 at 9:30 am to Joshjrn
quote:
But heaven forbid you mention how much Boomers have gotten from the government teet via the mortgage interest deduction
As it should be.
Are you not writing off your mortgage interest?
Posted on 1/15/20 at 9:31 am to Papplesbeast
quote:
Does the executive branch actually have that power? Maybe they do, but I feel like something this big should require an act of Congress. That's potentially a $2 trillion payout (assuming all 42 million people have the maximum $50k forgiven, which wouldn't be the case, but that's the worth case scenario, mathematically).
All of her plans together would triple the federal budget.
Posted on 1/15/20 at 9:32 am to fallguy_1978
quote:
I'm not a boomer but you don't write off your mortgage interest? I pay as little in taxes as possible.
If I had my druthers, there wouldn't be an income tax at all, so I'm all for everyone paying as little in taxes as humanly possible
My point is that the bulk of the "pay back what you owe hur dur!" crowd have been more than happy allowing the government to subsidize their private contract obligations while seemingly oblivious to their hypocrisy on the subject.
This post was edited on 1/15/20 at 9:33 am
Posted on 1/15/20 at 9:32 am to lsu xman
You know what makes total sense?
Wiping out student loan debt for everyone but those people who got student loans that resulted in them being relatively high-earners.
You know, people who chose correctly in their career path and it worked successfully. Model borrowers. frick those responsible people, but everyone else - you're cool.
Wiping out student loan debt for everyone but those people who got student loans that resulted in them being relatively high-earners.
You know, people who chose correctly in their career path and it worked successfully. Model borrowers. frick those responsible people, but everyone else - you're cool.
Posted on 1/15/20 at 9:34 am to fallguy_1978
quote:
What she's not telling her supporters is that these would require massive tax increases on the middle class. There aren't enough rich people to pay for even portions of this.
stop the lies dude. I can't stand Lizzie but that's not where she is getting the money to pay for her proposals.. please start educating yourself esp if you have children. it's sickening
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