[Alex Murphy]

The program, “Pay as You Earn,” expands an existing federal loan option available to undergrad and graduate students. It issues caps on monthly loan payments at 10 percent of the borrower’s discretionary income and forgives their remaining balance after 20 years. For those working in public service or the government, any remaining debt is forgiven after 10 years. An estimated 5 million more borrowers will become eligible under the new plan. Before today, only those who took out loans after 2007 were entitled to “Pay as You Earn” benefits. To finance the program, Obama proposed closing “tax loopholes” for the wealthy, or what he called “millionaires.”

PFL

[LucianOfSamasota]

So the President can change the tax code?

Seems like Congress has some say on ‘tax loopholes’ regarding inheritance, capital gains, and income taxes?

[PapaBear3625]

A middle-class couple nearing retirement without a $million in assets (paid off house plus 401K) will not be able to maintain a middle-class standard of living in retirement.

THESE are the people that the Dems are coming after.

[TurboZamboni]

For those working in public service or the government"...

AKA The Nomenklatura.