Sen. Warren proposes to cancel student loan debt

[brycejones]

70% of your second $10 million. You only have to pay regular tax rates on your first $10 million. I assume there will also be a significant bump in tax rates for your income over $1 million as well, but not 70%. I hope you don't have to lay off too many servants to deal with this hardship. It would be more ethical to keep them on the payroll and cut back to a single private jet.

What are you some kind of commie?

 

[dank69]

Ah, if used the way that you guys like then yes it is theft. Should the wealthy pay their share. Of course. At 70% though? That's ridiculous. What do you think they'll do? They'll pack up and move to another country. They have that option. We don't.

I believe in personal responsibility. I have school loans myself. I'm trying my best to pay them off. I taught in SoItuth Korea because I knew the cost of living in Asia was low, and that would allow me increase my payments. You do what you have to do! If you have a degree in pottery it's not my issue. You should had made a better choice. If we go after the wealthy, that means we are going to be leveling hefty taxes on their businesses. Just look at Amazon and the city of NY. That didn't go very well for NYC did it? You can't just tax the rich because they don't produce income like us. Most of it is in personal investments: stocks, real estate, mutual funds.

Taxes are not theft, period. It does not matter what they are used for. The more you make, the more you benefit from a strong government to protect you from other people who want to kill you so they can take your stuff.

 

[Vic]

Why would you want to rob people? That's what you're doing. Right? From an ethical standpoint why would you want to rob someone who took risks, and who worked their ass off to get to that point. I don't know what you think, but most millionaires are self made, and they work looong hours. You just don't get to sit at home watch Netflix and play video games all day when your goal is to do big things.

So again. Why do you think it's OK to rob people and to take their money.

Most millionaires are not self made. And as long as we continue to enforce policy that makes it more difficult for those born in the middle and lower classes to be able to obtain higher education (without taking on debt equal to or greater than the value of the education), that problem will only get worse.
Meanwhile, it is not theft to expect people to pay for the government that they receive. And the wealthy sure as hell receive more value from government, and have considerably more power to sway government policy to serve their interests, than the poor do.

 

[dank69]

What are you some kind of commie?

Straight off the boat from Soviet Russia.

 

[TheVrolok]

God willing my student loans will be forgiven (tax free) in another 4 years.

 

[Blackjack200]

Why would you want to rob people? That's what you're doing. Right? From an ethical standpoint why would you want to rob someone who took risks, and who worked their ass off to get to that point. I don't know what you think, but most millionaires are self made, and they work looong hours. You just don't get to sit at home watch Netflix and play video games all day when your goal is to do big things.

So again. Why do you think it's OK to rob people and to take their money.

Ah, if used the way that you guys like then yes it is theft. Should the wealthy pay their share. Of course. At 70% though? That's ridiculous. What do you think they'll do? They'll pack up and move to another country. They have that option. We don't.

I believe in personal responsibility. I have school loans myself. I'm trying my best to pay them off. I taught in South Korea because I knew the cost of living in Asia was low, and that would allow me increase my payments. You do what you have to do! If you have a degree in pottery it's not my issue. You should had made a better choice. If we go after the wealthy, that means we are going to be leveling hefty taxes on their businesses. Just look at Amazon and the city of NY. That didn't go very well for NYC did it? You can't just tax the rich because they don't produce income like us. Most of it is in personal investments: stocks, real estate, mutual funds.

Ahh yes, the impeccable ethics of taking advantage of low wage labor in Southeast Asia to live comfortably and cheaply.

 

[WackyDan]

So... Her plan is nothing but a give away to the wealthy and better off. 25-30% of our population have degrees. Degrees that on average will potentially earn them $1 million more in their lifetime than a high school grad... And we want to reward them. If are one of those people bitching about income inequality and so forth but are for her plan you are contradicting yourselves.

 

[s0me0nesmind1]

Ah, if used the way that you guys like then yes it is theft. Should the wealthy pay their share. Of course. At 70% though? That's ridiculous. What do you think they'll do? They'll pack up and move to another country. They have that option. We don't.

I believe in personal responsibility. I have school loans myself. I'm trying my best to pay them off. I taught in South Korea because I knew the cost of living in Asia was low, and that would allow me increase my payments. You do what you have to do! If you have a degree in pottery it's not my issue. You should had made a better choice. If we go after the wealthy, that means we are going to be leveling hefty taxes on their businesses. Just look at Amazon and the city of NY. That didn't go very well for NYC did it? You can't just tax the rich because they don't produce income like us. Most of it is in personal investments: stocks, real estate, mutual funds.

Quit trying to reason with these incompetent fools.

Their answer is always (and always will be) "We need to tax THEM more!"

Them being anyone but themselves. It's greed 101.

 

[Vic]

Quit trying to reason with these incompetent fools.

Their answer is always (and always will be) "We need to tax THEM more!"

Them being anyone but themselves. It's greed 101.

Haven't you already owned yourself in this thread badly enough?

Were the taxes that paid for WWII theft?
Were the taxes that paid for the American Revolution theft?
Is there no benefit to the American people in ensuring that we have a highly educated workforce to fight the economic wars we're facing?

I hate taxes as much as anyone else, but useful idiots like you aren't helping me to pay less taxes, you're just making it so that I don't get any benefit from the taxes that I do pay.

 

[FelixDeCat]

You people seriously dont believe that 70% over $10MM is real, do you? Do you know how many people make that?

Do you really think the small pittance this tax will raise will pay for the trillion in outstanding debt? Or even fund future inflated costs?

Either you flunked out or have no common sense.

The $10MM figure is a lull stupid people (ie. you) into thinking this is 'do-able' just as long as everyone else gets screwed but you.

It just doesnt work that way.

A monster government entitlement like this one (and eventually "free" healthcare) will have to paid by everyone with a tax rate of 50%+ for ALL incomes. Its not rocket science.

Dont buy the socialist propaganda, lies and halftruths. Do a little research and you will know what it really takes to pay for "free" shit.

 

[Vic]

So... Her plan is nothing but a give away to the wealthy and better off. 25-30% of our population have degrees. Degrees that on average will potentially earn them $1 million more in their lifetime than a high school grad... And we want to reward them. If are one of those people bitching about income inequality and so forth but are for her plan you are contradicting yourselves.

The battle over economic inequality will not be won by ensuring that higher education will be for be only for those lucky enough to be born to parents who can afford it.

 

[Vic]

You people seriously dont believe that 70% over $10MM is real, do you? Do you know how many people make that?

Do you really think the small pittance this tax will raise will pay for the trillion in outstanding debt? Or even fund future inflated costs?

Either you flunked out or have no common sense.

The $10MM figure is a lull stupid people (ie. you) into thinking this is 'do-able' just as long as everyone else gets screwed but you.

It just doesnt work that way.

A monster government entitlement like this one (and eventually "free" healthcare) will have to paid by everyone with a tax rate of 50%+ for ALL incomes. Its not rocket science.

Dont buy the socialist propaganda, lies and halftruths. Do a little research and you will know what it really takes to pay for "free" shit.

Says some douchebag who supported a pointless $6 trillion war.

 

[UglyCasanova]

Warren is such a disappointment. She’s an extremely intelligent person but is resorting to the typical politicians toolkit of promising things that she damn well knows will never happen to get the votes. She’s basically lying. I know she’s got tons of good ideas in that head of hers but instead of campaigning on those she’s trying to outdo Bernie with all the promises of free stuff.

 

[cytg111]

You people seriously dont believe that 70% over $10MM is real, do you? Do you know how many people make that?

Do you really think the small pittance this tax will raise will pay for the trillion in outstanding debt? Or even fund future inflated costs?

Either you flunked out or have no common sense.

The $10MM figure is a lull stupid people (ie. you) into thinking this is 'do-able' just as long as everyone else gets screwed but you.

It just doesnt work that way.

A monster government entitlement like this one (and eventually "free" healthcare) will have to paid by everyone with a tax rate of 50%+ for ALL incomes. Its not rocket science.

Dont buy the socialist propaganda, lies and halftruths. Do a little research and you will know what it really takes to pay for "free" shit.

There is life beyond the FYGM psychosis, just keep that in mind as you transcend into madness.

 

[cytg111]

Warren is such a disappointment. She’s an extremely intelligent person but is resorting to the typical politicians toolkit of promising things that she damn well knows will never happen to get the votes. She’s basically lying. I know she’s got tons of good ideas in that head of hers but instead of campaigning on those she’s trying to outdo Bernie with all the promises of free stuff.

I have tried but failed to do Trump math, guess its just working in too many dimensions, maybe someone could pitch in on this article from 2015, is it total bs?

https://www.nytimes.com/2015/10/17/business/putting-numbers-to-a-tax-increase-for-the-rich.html

Lol at this.
"Alternatively, those tax increases could be used to help reduce government borrowing: Some combination of those raises could go a long way toward wiping out this year’s estimated federal deficit of $426 billion."

And people are loosing their shit over student loans?

Cancelling the tax cuts, then raising them for the 1% and investing it in cancelling student loans would be a direct investment in your country.

 

[UglyCasanova]

Here’s a challenge for you, use the search function and go hunt down where I was in favor of the tax cuts.

 

[ch33zw1z]

Here’s a challenge for you, use the search function and go hunt down where I was in favor of the tax cuts.

You voted for Trump while the GOP controlled the house and senate. You're an idiot if you thought there wouldn't be tax cuts for the wealthy, paid for by the middle class

 

[Puffnstuff]

Everybody paid and continues to pay for those tax cuts so wealthy R's can live it up at our expense. Debt is a curse not a blessing so how the church continues to back this behavior is just beyond belief!

 

[cytg111]

Here’s a challenge for you, use the search function and go hunt down where I was in favor of the tax cuts.

Here is a challenge for you, wtf does it matter what you lied about here 2 years ago?

 

[Majes]

They're not anti-education, they're anti-equal opportunity. They want higher education to be restricted to those who were born into a family wealthy enough to pay for it. All else will have to 'earn' it through a system of indentured servitude intentionally designed to block their upward economic mobility.

All their other narratives on this subject are flat-out bullshit. Conservatives/GOP didn't care about debt and deficit when they're lining their own pockets with pointless multi-trillion dollar wars. They didn't care about debt forgiveness when they were get the principal hacked off their mortgages. And they certainly didn't care about tax rates when those taxes were paying for their own college educations back in the 60s/70s.

Vic, what do you want the system to do? I mean it's pretty darn equal opportunity right now. If you work hard or have talent in high school you can earn scholarships and escape college debt free. If you aren't as driven or gifted you can still take out loans and in a good career field that's still an excellent economic choice. Yes, if you choose poorly you get hammered and we can talk about whether or not we think that's a good outcome or not. But the current system can definitely be considered equal opportunity.

The wealthy are always going to have advantages. Personally I think a better way to address this would be through estate taxes and such, but money in a capitalist society is the ultimate cheat card...

 

[Brainonska511]

Vic, what do you want the system to do? I mean it's pretty darn equal opportunity right now. If you work hard or have talent in high school you can earn scholarships and escape college debt free. If you aren't as driven or gifted you can still take out loans and in a good career field that's still an excellent economic choice. Yes, if you choose poorly you get hammered and we can talk about whether or not we think that's a good outcome or not. But the current system can definitely be considered equal opportunity.

The wealthy are always going to have advantages. Personally I think a better way to address this would be through estate taxes and such, but money in a capitalist society is the ultimate cheat card...

It's so cute you think there is equal opportunity. The most likely indicator of success in the US right now is how well off your parents were.

 

[Majes]

It's so cute you think there is equal opportunity. The most likely indicator of success in the US right now is how well off your parents were.

So how would you change the system to be more equal opportunity?

 

[fskimospy]

Vic, what do you want the system to do? I mean it's pretty darn equal opportunity right now. If you work hard or have talent in high school you can earn scholarships and escape college debt free. If you aren't as driven or gifted you can still take out loans and in a good career field that's still an excellent economic choice. Yes, if you choose poorly you get hammered and we can talk about whether or not we think that's a good outcome or not. But the current system can definitely be considered equal opportunity.

The wealthy are always going to have advantages. Personally I think a better way to address this would be through estate taxes and such, but money in a capitalist society is the ultimate cheat card...

Basically half of private colleges explicitly admit they give admissions preference to those whose parents went to the same college. Those are just the ones who admit it.

On what planet does that sound like anything close to equal opportunity.

 

[Greenman]

Ahh yes, the impeccable ethics of taking advantage of low wage labor in Southeast Asia to live comfortably and cheaply.

That's simple economics. Why pay for expensive american labor when you can get dirt cheap overseas labor? Isn't that the entire point of free trade?
We allow illegal's from Mexico and south america so we'll have a ready supply of cheap labor to harvest crops, clean our homes, and mow our lawns. As a bonus, we get to pretend that we're actually helping those folks get a better life. It's a win win deal.

 

[VRAMdemon]

I'm not really on the "blanket forgiveness" bandwagon. And frankly, if someone was dumb enough to pay a quarter million bucks for a useless degree at a for profit college they selected because it has luxury apartment dorms and swimming pool - I don’t want to help them either.

I might be in favor of virtually free or low cost state and city college, i think NYC made a great move by making CUNY ( City University of New York) free to most students.
And I could support a program like HARP, maybe making provisions to refinance the worst loans at low or no interest.

Other suggestions:

1) Provide education with full rides to the top 10-20% of students at every high school. I believe GWB put this in place during his time as governor or Texas.
2) Limit the amount that can be borrowed - even from private sources - for college. This applies downward pressure on rising college costs.
3) Make students loans bankruptable. Give the lenders some skin in the game. Make them have to assume risk to make the loans. As it is it's another example of 'privatized profit/socialized risk' that we see so often in the financial industry.