Boots & Sabers

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Owen

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2042, 23 Aug 22

Biden Poised to Screw Taxpayers Again

All of you folks who didn’t go to college or managed to pay your own way will get to pay for other people’s college now. Why? Because Biden wants to be Santa with your money.

“As a reminder, no one with a federally-held loan has had to pay a single dime in student loans since President Biden took office, and this Administration has already canceled about $32 billion in debt for more than 1.6 million Americans — more than any Administration in history,” White House spokesman Abdullah Hasan said, referring to debt relief for people who went to fraudulent universities and a restructured program to forgive debt for people who work in public service for 10 years.

 

But more specific details on how much money will be forgiven and for who are in high demand for the more than 45 million Americans who still have federal student loan debt.

 

One-third of federal loan borrowers have less than $10,000, meaning they could see their debts completely wiped out should this policy come to fruition. Another 20% of borrowers, around 9 million people, would have their debt at least slashed in half.

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2042, 23 August 2022

20 Comments

  1. Mar

    Senile Joe Biden and his puppeteers know he is not going to run in 2024, so they are going for the scorched earth policy. Destroy everything before 2024.
    Top bad Senile Joe doesn’t know what is going on.
    But his fake doctor wife knows, as a former community college teacher, she has skin in the game.

  2. jonnyv

    Wait, were you complaining about PPP loans? I don’t recall? How about other corporate bailouts we have seen over the past 20 years? The bank bailouts? The auto bailouts? The airline bailouts?

    This isn’t personally the way I would have liked to see it handled. I would have rather had them eliminate all the interest on the loans and look at the total amount paid, if it is greater than the principle… done. I think that they should at LEAST have to pay back what they borrowed.

    But frankly, I paid for my college education, my wife’s education and her Masters. I still don’t care if they eliminate the debt.

  3. jonnyv

    How about the 2 TRILLION tax cut TCJA that benefited millionaires and corporations back in 2017? At the height of when the economy was doing well. We could have worked to pay down the debt/deficit. There are so many instances of corporations getting bailouts and tax breaks. But for some reason some people are hugely reviled when gov’t does it for average people.

  4. Tuerqas

    To be fair JonnyV, conservatives here and in most places hugely revile all of the bailouts. I think the difference for me is that I know who runs the Government and that is why corps get the bailouts and tax breaks.
    The College loan forgiveness is a blatant move by a political party (who caused the debt) to get votes and keep power. It isn’t Government appeasing their monetary supporters, it is a way to get votes and hide another group of voter’s monetary malfeasance, the University employees. There they not only get those votes, they are getting the next generation inundated with pro-Democrat programming as well.

    In essence, Government is picking the winners throughout the populace in order to reward current voters and get new voters.

  5. jonnyv

    T. Haven’t we learned that everything the politicians do now is to just make sure they get re-elected? Bailouts, huge tax breaks, debt cancelation? I think there are a handful of people on each side of the aisle that are really serious about helping regular people. But they all usually fall in company line to keep whatever power they have.

    Yes, this is a blatant give away for votes. As are so many other things. I don’t buy that democrats created this debt. This is a snowball coming for years. Easy loan money combined with decades of people saying that college was the only path for advancement. No one side caused this.

    15 years ago, my wife and I benefited from a 10K student loan forgiveness because she taught in a low income charter school for 5 years. It was a third of her loan at the time (before she went back for her masters).

    I know it seems Pollyanna of me. But I would have also liked to see some sort of strings attached to the forgiveness. 10 volunteer hours for every thousand dollars? Something. As I stated above, this isn’t the way I would have liked it done, but I am also not opposed to it.

  6. Merlin

    As Democrat handouts and giveaways go that’s still an awful lot to pay for a vote. For every smile they created today how many other voters are they pissing off?

  7. Tuerqas

    >Yes, this is a blatant give away for votes. As are so many other things. I don’t buy that democrats created this debt.

    Really? There are plenty of things I blame only one side for and this is one. When did Republicans last support school unions, give lavish raises, benefits and raise University costs to pay for it, all ultimately shouldered by the students? I know a few Republicans who faced all kinds of flack for de-constructing the unions, at least in WI…

    >As Democrat handouts and giveaways go that’s still an awful lot to pay for a vote. For every smile they created today how many other voters are they pissing off?

    Easy answer, direct self interest. People will remember being forgiven thousands of dollars through the next election, but everyone is pretty de-sensitized to both sides of the aisle being profligate with the money and then demanding more. And even a lot of the pissed off people have a relative that receives the forgiveness and will be that much more willing to forgive and forget.

  8. Tuerqas

    >T. Haven’t we learned that everything the politicians do now is to just make sure they get re-elected?

    Yes! Yes we have:).

  9. Paul

    @jonnyv

    Shut the fuck up, you pants shitting retard.

  10. MjM

    JV don’t know history: “ I don’t buy that democrats created this debt”

    Ball really started rolling nearly 60 years ago…

    SEC. 424. (a) The total principal amount of new loans made and installments paid pursuant to lines of credit (as defined in section 435) to students covered by Federal loan insurance under this part shall not exceed $700,000,000 in the fiscal year ending June 30, 1966, $1,000,000,000 in the fiscal year ending June 30, 1967, and $1,400,000,000 in the fiscal year ending June 30, 1968. – Higher Education Act of 1965, passed by majority Democrat House and Democrat majority Senate, signed by Democrat president Lyndon Johnson as part of his Great [f’kd up] Society push.

    Basically gave private and commercial lenders carte blanche to lend to any schmuck who walked in the door cuz the g’vment (actually, your grand daddy or your daddy) would cover any defaults. And it actually gave commercial lenders a subsidy to keep interest rates low. (Private lenders would also be given subsidies later.) Perfect timing for the coming Hippy Dippy days.

    And tuition began to skyrocket. Since 1980, inflation has risen 236%. College tuition? 1,200%. Gee, who runs colleges?

    Then we have Obozo, who in 2009 declared the status quo “too expensive” and with the help of another Democrat majorities in the House and Senate sucked the entire student loan industry into the belly of the g’vment.

    From 2006 total student debt has more than tripled from $500billion to $1.75trillion.

    As for Babblin’ Joe, in 1978 as a truck dri… I mean… senator, he supported eliminating income restrictions for getting student loans, including your parents’ stash. He didn’t vote on the specific legislation because he was… surprise! …. on vacation, and some restrictions were reinstated in ‘81.

  11. dad29

    Fpr that matter, JonnyV ain’t too good on taxes, either.

    The Trump (& RoJo) tax cut was given to “S” corporations. Those are ‘pass-through’ companies; under the old rules the owners got the profits and paid tax at the personal-income rates which most often FAR exceeded the typical “corporate” (“C”-corp) rates. This was done to assist small biz (usually S corps) by reducing their tax rate to one comparable to “C” taxes.

    Apparently you’re not a fan of Fair Play, JV.

  12. jonnyv

    Dad29. You are speaking as if the S corps were the ONLY ones who got that. S corps were just 1 of the changes.

    Owners of pass-through businesses—which include sole proprietorships, partnerships, and S-corporations—gained a 20% deduction for pass-through income. Certain industries, including health, law, and financial services, were excluded from the preferential rate unless taxable income is below $157,500 for single filers. To discourage high earners from recharacterizing regular wages as pass-through income, the deduction is capped at 50% of wage income or 25% of wage income plus 2.5% of the cost of qualifying property.

    Feel free to look at the breakdown here:
    https://www.investopedia.com/taxes/trumps-tax-reform-plan-explained/

    In its finalized form, however, the Tax Cuts and Jobs Act cut the corporate tax rate, benefiting shareholders—who tend to be higher earners. It only cuts individuals’ taxes for a limited period of time. It scales back the alternative minimum tax and estate tax, as well as reducing the taxes levied on pass-through income (70% of which goes to the highest-earning 1%). It does not close the carried interest loophole, which benefits professional investors.

  13. dad29

    benefiting shareholders—who tend to be higher earners.

    Like the millions of people holding 401(k)’s? IRA’s?

    More generally: if you want to pass a tax CUT, you pass the CUT for THOSE WHO PAY TAXES. The poor do not pay taxes.

    Finally: the carried-interest thing was another Goldie Special; but at some point in time they’ll run out of money to purchase every single politician in the US.

  14. Merlin

    >More generally: if you want to pass a tax CUT, you pass the CUT for THOSE WHO PAY TAXES. The poor do not pay taxes.

    Money that moves is money that’s taxed one way or another, which is why tax cuts are targeted at people who have money to move. You’re trying to incentivize spending behavior that churns money. It’s math.

  15. Randall Flagg

    Funny, not that long ago Republicans were all for the government forgiving loans…

    “For our government just to say, ‘OK, well your debt is completely forgiven’…it’s completely unfair,” she said, according to a clip of the broadcast that was shared by the White House. “And taxpayers all over the country, taxpayers that never took out a student loan, taxpayers that pay their bills and maybe even never went to college and are just hardworking people, they shouldn’t have to pay off the great big student loan debt for some college student that piled up massive debt going to some Ivy League school. That’s not fair.”

    Congresswoman Marjorie Taylor Greene had $183,504 in PPP loans forgiven.

    https://www.cbsnews.com/news/white-house-republican-critics-student-loan-cancellation-ppp-loan-forgiveness/

  16. Randall Flagg

    Even Republican Hero Scott Walker’s job agency loved to forgive loans…..

    The companies, whose loans were forgiven in 2013 and 2014 because the likelihood of collecting them was small, and the amounts of their loans were: Flambeau River Biofuels, of Park Falls, $3 million; Flambeau River Papers, of Park Falls, $1.6 million; Building Committee Inc., of Milwaukee, $500,000; Vantus Technology, of Waukesha, $250,000; and Soft Switching Technologies, of Middleton, $179,662.

    https://www.wisdc.org/news/press-releases/76-press-release-2015/4973-walker-got-nearly-18k-from-executives-whose-companies-failed-to-repay-loans

  17. Jason

    https://freebeacon.com/democrats/ron-wydens-wife-raked-in-ppp-loans-while-laying-off-hundreds/

    Flunky Tell us you follow the White House Twitter feed. Cherry picking a few R’s on an apples to oranges comparison is just what we expect from Bumbling Joe.

    I hope you understand two big points about what you posted…

    1. No one here in agreement with Owen’s type of conservative government would have approved of the PPP program.

    2. The difference between PPP loans and Student Loans is vast enough that your leader’s weak trolling looks like ignorant bliss.

  18. dad29

    benefiting shareholders—who tend to be higher earners.

    So sorry!! Forgot to mention those taking pension dollars, e.g., State of Wisconsin (and subsidiaries) retirees.

    Turns out there are a LOT of people who obtain dividends.

  19. Tuerqas

    >Funny, not that long ago Republicans were all for the government forgiving loans…

    How many, 6 Republicans? What an unintelligent comment… What group could we NOT say that about? There will be many Republicans for the student loan forgiveness program too, of course. But saying they agree with it because they are Republican rather than because they will be benefiting from it is just plain dumb.

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