re: Cancel student debt for nearly everyone?

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how you paying for it? oh that's right. you aint

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what the hell does that even mean?

my tax dollars have been going to student loans for almost a decade. i may or may not like that, but the government has taken on student loan debt since the 00s. i think it's foolhearty, but it's meant as an investment into the future of the country and i can live with that as it should have interest returns back to the government.

forgiving the debt is saying to the tax dollars i paid for others over the last decade.

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Guess I’ll be voting dem

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“When the people find that they can vote themselves money, that will herald the end of the republic.”

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Cancel student debt for nearly everyone?

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Do those of us that paid ours off get a check? How about those of us that went to an "average" state school because we got a scholarship?

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To forgive these loans is basically spitting in the face of those who sacrificed to pay them off. It's essentially saying "you're a sucker for working those extra hours and not buying that newer car you wanted. You could have fricked off and you'd be in same place, financially, right now."

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That a bad analogy. By your logic, you could say this for anyone and anything: taxes today are lower than they were 20 years ago, right? So are the lower taxes now spitting in the face of those that worked 20 years ago but are retired now and had to pay more in taxes? No it isn't.

I paid off my student loans. Ans I'm not exactly a fan of having everyone's wiped off completely, but come on man. you are making a dumb argument.

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That is your state governments fault for taxing the shite out of you.

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No it's not. I don't live in a state with high income taxes like CA, NY, or IL. My state taxes are pretty average. As with everything else, Missouri is mediocre. And it's not just about SALT. Even more important than the capping of SALT deductions was the elimination of personal exemptions. People who itemize used to be able to claim personal exemptions. Not anymore. Personal exemptions were rolled into the standard deduction, so people who didn't itemize don't even notice. That, alone, is about $8k added to my taxable income every year, which is about $2k in taxes.

For this to happen you need (1) an income around the 300-400k range and (2) a mortgage large enough that the mortgage interest deduction makes it so itemization reduces your tax bill more than taking the standard deduction. There is a "sweet spot" where the capping of SALT deductions and elimination of personal exemptions increases your tax bill more than the reduction of rates reduces it, resulting in a larger tax bill overall.

If your income is lower than that range, your SALT deductions tend to be a smaller percentage of your income, so you had less to lose. The changes to the tax bill caused most of those people, who previously itemized, to start taking the standard deduction. The loss of personal exemptions was the biggest driver of this shift.

If your income is higher than that range, the reduced tax rate straight up overwhelms the loss of deductions and personal exemptions (which did not scale with income).

P.S. The standard deduction for married filing jointly in 2017 was $12,700. Add two personal exemptions ($4,050 each) to that and you're at $20,800. The standard deduction in 2018 was $24,000. A lot of people who don't pay attention to the details think the standard deduction was doubled, but it wasn't. If the standard deduction had been doubled, you would have been at a total of $33,500 (12,700*2 + 4,050*2). The standard deduction was really only increased by $3,200 and personal exemptions were rolled into it.

I'm glad lots of people got some tax relief, but I'm sick and tired of people, like you, refusing to acknowledge that some people got fricked and instead blame state tax rates when it's actually the loss personal exemptions that tipped the scales. If it wasn't for the loss of personal exemptions, 100% of Americans would have gotten a tax cut.

You can't just cancel debt, that's a lie. But I guess the government can transfer the debt burden to the taxpayers. Warren is simply leaving out the last part.

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How is it any different than someone sacrificing, saving, and buying a new car or putting a down payment on a house... and then have the government come in and say: "free car for everyone who doesn't have one already" or "the first $50k of your mortgage is on us, if you haven't already purchased a home."

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Government does this all the damn time... Why do people with kids get to pay less income tax than someone without a kid? Why does a homeowner have the ability to write off mortgage interest, but a renter can't get a similar tax credit? Student loan forgiveness (agree with it or not) is basically an incentive type of program. I don't like TOPS mainly b/c it started after me and I've paid into a program for 20+ years that I have never benefited from. Going back to your original argument, should TOPS never have been started b/c it spit in the face of poeple like me that worked my arse off and took out student loans to pay tuition?

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Seems unfair to the students who worked hard and paid off their loans.

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we found the 4 yr old.