Student loans

[Tapate50]

We should not penalize taxpayers for predatory lending (only say predatory because our whole society has pushed college as the only method of success) but the ones that benefited from that awful practice.

These colleges are sitting on billions of dollars.

Take it from them. End of discussion.

This isn't untrue.

[msstate7]

So will this hold up on court?

[sturg33]

If the product is so bad that the buyer must be bailed out to pay it back, we should stop funding the product and stop encouraging everyone to buy the product

[sturg33]

I also can't believe they are simply gonna go with the "if you paid.off your debt then **** you"

[acesfull86]

So will this hold up on court?

First it has to get there, which could be a challenge. I’d defer to striker, but being an aggrieved taxpayer pissed off at unconstitutional spending isn’t enough of a legal standing to bring a suit. There will have to be some group able to show enough harm to get the ball rolling. And even if it gets there, I think courts have more often than not failed to push back on presidential use of emergency powers. I believe Biden’s invoking the HEROES Act from 2003 to justify the forgiveness, exhibit A in the “let’s think through the potential long term consequences of a well intentioned bill instead of letting emotions rule the day” file. A post-9/11 law to help soldiers fighting overseas is now being used to justify a $300+ billion bailout of student loan debtors. Funny how government expands.

[thewupk]

I also can't believe they are simply gonna go with the "if you paid.off your debt then **** you"

I mean they have been saying that to the middle class for years now

[sturg33]

They don't want fiscally responsible people. they don't want accountable people.

They want losers who need the federal government to save them. And they are creating more and more of them daily

[Tapate50]

I mean they have been saying that to the middle class for years now

LOL

[thethe]

They don't want fiscally responsible people. they don't want accountable people.

They want losers who need the federal government to save them. And they are creating more and more of them daily

Its always been the plan and the ones that vote Dem are either the losers who can't make a life for themselves or the elitists who benefit the most from a weak middle class.

[acesfull86]

In April/May, the Biden administration argued it could lift Title 42 at the border because COVID was no longer an emergency for that purpose. But now that we’re talking about student loans, the COVID emergency is back on. Except that while yeah, it’s an emergency, and these people are struggling to pay back their loans, avert your gaze from the economic data because the Biden economy is booming baby! Haven’t you seen those jobs numbers? There’s no inflation! Also, this forgivenesses won’t be inflationary, even though the claim was previously made that forgiveness would help stimulate the economy. And around and around we go.

Does anyone left-leaning want to make sense of all these contradictions?

[acesfull86]

Apparently people will have to fill out a “simple, one page” form to apply for the forgiveness. The form isn’t available right now, but they swear it will be before the payments restart at the end of December.

You’d think they would have the “simple, one page” document ready to go since they’ve only been working on this for 20+ months and the form is, well, one page and simple, but nah. Gotta love government incompetence.

I won’t be surprised when means-testing the relief to households under $250k ends up costing more to the taxpayer due to bureaucratic nonsense than if they’d just done $10k of relief across the board to all borrowers.

[57Brave]

Will your taxes rise ?

[thethe]

Will your taxes rise ?

No but the value of his dollars will decrease

[thethe]

As Aces said - They have no clue about how its going to get done and how much it will cost. Like everything the Dems do this is simply performative for their dumb ass voters.

"Will your taxes go up?"

Idiots

[Tapate50]

As Aces said - They have no clue about how its going to get done and how much it will cost. Like everything the Dems do this is simply performative for their dumb ass voters.

"Will your taxes go up?"

Idiots

It really is like watching a monkey literally try and hump a football. Ridiculous.

[Tapate50]

In April/May, the Biden administration argued it could lift Title 42 at the border because COVID was no longer an emergency for that purpose. But now that we’re talking about student loans, the COVID emergency is back on. Except that while yeah, it’s an emergency, and these people are struggling to pay back their loans, avert your gaze from the economic data because the Biden economy is booming baby! Haven’t you seen those jobs numbers? There’s no inflation! Also, this forgivenesses won’t be inflationary, even though the claim was previously made that forgiveness would help stimulate the economy. And around and around we go.

Does anyone left-leaning want to make sense of all these contradictions?

Short answer- No.

Long answer- also NO.

[acesfull86]

Will your taxes rise ?

https://www.ntu.org/foundation/detai...0-per-taxpayer

Based on projections from the Penn Wharton Budget Model for the total cost of such cancellation, we estimate President Biden’s plan would cost the average taxpayer over $2,000.

The Penn Wharton Budget Model (PWBM) released a policy report on Tuesday that estimated the total cost of $10,000 in debt cancellation for borrowers making less than $125,000 per year would be $329.1 billion over 10 years. There were just under 158 million taxpayers in 2019 according to the IRS, meaning that the average cost of debt cancellation is $2,085.59 per taxpayer.

This is not a perfect proxy for cost, however, given the U.S. tax code is progressive and tax burdens are not evenly distributed across households. Accounting for the share of taxes paid by low- and middle-income households, we estimate that:

The average cost of student debt cancelation per taxpayer making between $1 and $50,000 is $158.27;
The average cost per taxpayer making between $50,000 and $75,000 is $866.87;
The average cost per taxpayer making between $75,000 and $100,000 is $1,477.78;
The average cost per taxpayer making between $100,000 and $200,000 is $3,158.35; and
The average cost per taxpayer making between $200,000 and $500,000 is $9,947.92.


——————

Yes. Either directly or indirectly. There’s no such thing as a free lunch.

[Tapate50]

It is beyond my comprehension that we STILL have people, people that vote and pay attention to this sort of thing, that believe a WORD that comes out of this administration at face value.

Almost zero of what they have put out hasn't had a "alternate definition" to hide the facts. Most of it has been overturned by courts...and still here we are. Dopes lapping it up.

Voter suppression sounding really good about now.... its simply amazing.

[57Brave]

https://www.ntu.org/foundation/detai...0-per-taxpayer

Based on projections from the Penn Wharton Budget Model for the total cost of such cancellation, we estimate President Biden’s plan would cost the average taxpayer over $2,000.

The Penn Wharton Budget Model (PWBM) released a policy report on Tuesday that estimated the total cost of $10,000 in debt cancellation for borrowers making less than $125,000 per year would be $329.1 billion over 10 years. There were just under 158 million taxpayers in 2019 according to the IRS, meaning that the average cost of debt cancellation is $2,085.59 per taxpayer.

This is not a perfect proxy for cost, however, given the U.S. tax code is progressive and tax burdens are not evenly distributed across households. Accounting for the share of taxes paid by low- and middle-income households, we estimate that:

The average cost of student debt cancelation per taxpayer making between $1 and $50,000 is $158.27;
The average cost per taxpayer making between $50,000 and $75,000 is $866.87;
The average cost per taxpayer making between $75,000 and $100,000 is $1,477.78;
The average cost per taxpayer making between $100,000 and $200,000 is $3,158.35; and
The average cost per taxpayer making between $200,000 and $500,000 is $9,947.92.


——————

Yes. Either directly or indirectly. There’s no such thing as a free lunch.

will this require a new tax levied or a specified tax increase to pay for this relief ?
or
Will it be budgeted through existing funds ?

[thethe]

It is beyond my comprehension that we STILL have people, people that vote and pay attention to this sort of thing, that believe a WORD that comes out of this administration at face value.

Almost zero of what they have put out hasn't had a "alternate definition" to hide the facts. Most of it has been overturned by courts...and still here we are. Dopes lapping it up.

Voter suppression sounding really good about now.... its simply amazing.

Look at the representation of the left on this forum.

****ing idiots.

Definitely should suppress moving forward. I don't even care anymore. These idiots have no clue what reality looks like.