Skip to comments.The 43% college tuition income tax rate
Posted on 09/27/2011 12:20:51 PM PDT by reaganaut1
Like many wealthy universities, Harvard offers only "need-based" financial aid, which means that rich parents need to pay much more than poor ones. Using the calculator at the site listed above, you can estimate the marginal income tax rate Harvard imposes. Assuming zero student assets, Harvard expects parents to contribute 10% of income up to $150K, which is $15K for parents earning $150K. Above that level, the marginal income tax is much higher. Parents earning $235K are expected to pay $52K. The marginal tax rate for income rising to $150K to $235K is (52-15)/(235-150) = 43.5% . This is of course on top of federal and state income taxes. College faculty vote overwhelmingly Democratic, and it's no wonder that their employers punish the successful.
I'd like to see big college endowments subject to the taxes on capital gains, dividend, and interest that ordinary people pay.
(Excerpt) Read more at npc.fas.harvard.edu ...
This is debt many will carry for the rest of their lives, because student loans are the ONLY debt that cannot be escaped through personal bankruptcy.
Student loans are the new slavery.
I simply can’t fathom that 10% of any parent’s income on a year of college education is a good investment. Incredible. Especially if more than one kid.
Harvard has about a billion dollar endowment. By law they are supposed to spend 5% of that each year on their “school”, but the liberals got the greedy bastages an exemption from that requirement.
I think it might be time to tax these large endowment funds.
You're a bit low on that. Harvard endowment is about $32 billion.
Didn’t Obama go to harvard? He’s not smart enough to run a snocone stand. A company is known by the product it puts out. They need a class at harvard called SNOCONE MAKING 101. “Barack! Take the cone off your head! No, the ice isn’t racist because it’s white.”
On line universities (ie: U of Phoenix etc.) are the answer. IMHO most degrees are a waste of money anyway. Unless you go into medicine, law or something like engineering that requires specialty courses the rest of college is just structured reading of some tenured professors lame excuse for his course textbook. Sitting in 500 person lecture halls is also a huge waste of time. Truth be known, most ‘students’ never work in their discipline anyway. How many Sub-continental Indian art majors can the world need to augment the Black History and Womyns studies PHD’s? Since they are going to be living in their parents basement anyway they might as well just take their laptop down with them and hit one of the on-line universities while they are at it.
Not only is the endowment $32 billion, value of the fund grew by $4.4 billion in fiscal 2011. That’s one helluva tax shelter.
It says something about that university that only the ones who became billionaires are the ones who dropped out of Harvard. It hasn’t been the same since (along with the rest of the Ivy Leagues) the hippies started turning it into a forum for their latest trendy cause and celebrities started getting accepted.
This is the college that gave us Obama.
It should be bulldozed.
Online Universities (like U of Phoenix) are very expensive. Our kid earned his bachelors and masters w/out a penny of tuition (dual credit at community college for AA, state university w/merit scholarship for BA, and teaching assistant in exchange for tuition for graduate degree.) He lived at home and commuted, gas and books were his only expense. We’re fortunate we have 4 Universities in the area.
U of Phoenix, per hour for a bachelors is equal to what manythink they charge around $550 per hour for a bachelors in business management.)
The prospect of outrageous debt dissuades many who would like to benefit from further or continuing education.
The real problem is there is no guarantee of return on your educational pursuits and if life gets in the way, preventing you from degree completion, you have mammoth debt with nothing to show for it.
I've known several in that position. I was glad to write that final check paying off my loans.
Im working on an MBA online. It is very expensive!!
“Student loans are the new slavery.”
Sadly, the vast majority will be good decent kids looking to make something of themselves will be middle class Americans, and white.
The rest get a free ride on the taxpayer and they won’t have this “debt”.
Debt slavery is NOT capitalism, it is EVIL.
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