Posted on 06/25/2019 7:09:45 PM PDT by Heartlander
So people who worked their way through school and didn’t take loans get nothing, nor do people who paid off their loans. And what about people just starting college. Will their loans get paid off too? It seems only fair. In which case, everyone will take out loans (free money) for college.
They want to forgive trillions in debt but don’t want to spend 20 billion or so for the border wall. Make the students pay the debt off by public service. Less talk,more block! Make them work building the wall.
Yes and no. Their taxes are based on investment income. Many use tax free bonds. Many sell the loser stocks at year end to offset the winners.
Now on a billion - yes they pay taxes. On “mere” millions of principle - it’s easier to limit tax liabilities.
“Their taxes are based on investment income.”
Their taxes are also based on income as wealthy people often work. The work ethic is how most of them became wealthy. Tax accountants work the numbers to reduce their taxes but even so they still ending up paying lots of taxes compared to people like us. The top 1% pay 37% of the taxes.
The very very rich 0.1% also pay a lot in taxes.
https://files.taxfoundation.org/20190131112443/York_1_31_19.png
“Tax university funds”
Exactly. Let’s see, Harvard’s endowment is $38.3 billion. At 2% per year, that comes to ~$766 million per year from Harvard alone. At 2% per year from Yale’s endowment ($29.4 billion), Princeton’s endowment ($25.9 billion), and Stanford’s endowment ($26.5 billion) an additional ~$1.64 billion/year. So from just these four ‘not-for-profit’ liberal institutions there would be >$2.4 billion/year for the Democrats grand plan.
The trillion or so “forgiven” will just be added to the government’s existing $22 Trillion owed.
Young people will have to pay off this debt in the future (either with taxes or via more inflation).
If students think this will be “free” to them - that is entirely false and is ludicrous - and this reality SHOULD be the first point emphasized, in stories like this...
Gosh, there are so many problems with these plans I wouldn’t know where to begin. I would make the comment about Sander’s plan to tax speculators. Speculators are a vital part of the free market place in that they provide liquidity and they do it at high risk. You produce oil. You are working close to your margins and you need to limit the risk in order to stay in business. A speculator agrees that he will buy the product you are pumping in two months at x price. The price is lower than you would like, but you sign the contract anyway because it ensures that if the price drops even lower you will still make money. In two months, say, the price has dropped even lower than the agreed price. You still sell at the agreed price and the speculator takes a bath. He has no storage facility so he has to resell your oil at the new, lower price. But in the meantime, because of speculators, the entire oil industry continued to pump oil instead of limiting production. Does Bernie plan to compensate the speculator for keeping the oil market “liquid?”
This is modified reparations.
So let me understand this. I paid for my kids college, two BS and one MS. Now the Democraps want to ax me to pay for someone else’s kid “gender studies” degree??? Hell NO!!!
Tax only the wealthy, huh?
When the Income Tax began in 1913 the rate was 1% on those making more than $3,000 net personal income, i.e. $30 in income tax.
$3,000 in 1913 was the equivalent of $76,599.
“Congress enacted an income tax in October 1913 as part of the Revenue Act of 1913, levying a 1% tax on net personal incomes above $3,000, with a 6% surtax on incomes above $500,000.”
https://en.wikipedia.org/wiki/History_of_taxation_in_the_United_States#16th_Amendment
Back 40 years ago, tuition room and board at even a top end private school ran about 10-15% per annum of a top end civil service professional - not political level - salary. Now it is running up against 40%. That is a large multiple of inflation and says a lot about what has happened to the middle class.
This isn't socialism - with professors and administrators earning socialist salaries - this is crony capitalism where people are making out like bandits not doing much while hoarding the public trough.
I wonder if those of us who paid off student loans will get reimbursed?
Pish-Posh.
If you're a politician who can wave a magic wand and make student loan disappear, surely, you can make it so the forgiveness doesn't have to be included as income.
It's possible that Sanders hasn't thought about this little obstacle yet, but it might be fun to bring up with any young millennial if they demand you pay for their loans.
What does that even mean. What if they stop speculating?
Well, in any case they aren’t getting it past the Senate or POTUS Trump.
WRT mentioning it, the purpose is to reinforce how much of a short-sighted idiot Sanders (and others who propose the same thing) is.
That education plan is utopian.
Here, if they aren’t studying toxic masculinity,gender studies, feminist history and trends in metric poetry-——they won’t study anything.
One expert said hundreds of colleges and universities have removed history ,language and math requirements. Technically, one could get a degree without reading a word of the Constitution,Declaration,Bill of Rights,Federalist Papers or the histories of wars and conflicts.
No wonder a survey result showed over 40% of young people cannot properly place in sequence which came first: World War II or the American Civil War.
Our schools fail to properly evaluate socialism, communism and free republics and capitalism. No classes attack the Left.
To them socialism is warm and fuzzy and gives free stuff to them (money,college,health care to start).
The meanies who look like Rush and Karl Rove are capitalists who horde wealth and let poor people die on the sidewalks outside hospitals due to lack of money.
So well educated./s
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