Another campaign promise fulfilled: $10k in Student Loan Debt being forgiven for those under $125k/yr

[Ike★ 2,923]

Thanks Joe  

[Goukosan 2,295]

2 hours ago, Ike said:

Thanks Joe  

 

20K loan forgiveness for Pell Loans

[Twinblade★ 4,007]

You’re all fools. This is going to wreck the economy and push inflation even higher. Every economist is saying this but hey, at least old joe gets to buy a few more votes for the mid terms.

[Ike★ 2,923]

13 minutes ago, Twinblade said:

You’re all fools. This is going to wreck the economy and push inflation even higher. Every economist is saying this but hey, at least old joe gets to buy a few more votes for the mid terms.

Which economists? On Fox Business or Fox News?  

 

Those poor banks and load sharks. Won't you think of them?!  

[Goukosan 2,295]

55 minutes ago, Twinblade said:

You’re all fools. This is going to wreck the economy and push inflation even higher. Every economist is saying this but hey, at least old joe gets to buy a few more votes for the mid terms.

 

First off these are federal loans not private loans. 

 

2nd off Biden off Biden is on Track to reduce the deficit by another 1.7 trillion this year.   After reducing it by over 1.2 trillion last year. 

 

How is the fed forgiving a small portion of the loan going wreck the economy when this isn't a private market loan and no banks are involved? 

 

The school has already been paid.   The middle class gets relief which leads to more spending of consumers which stimulates the market. 

 

Where was this outrage when Trump gave the top 1% a huge tax cut?   In the trillions?

 

 

 

Where was this outage when the republican senators who are millionaires,  got their PPP federal loans forgiven?  Look at that shit.. Some of them got over 4 million forgiven for a loan that wss meant for small business.... Disgusting. 

 

 

 

Where was this outrage when huge corporations got their federal loans forgiven? 

 

But as soon as a something is actually done to help the middle class,  the right are all up on arms. 

 

And to cap it off.... Let's look at Fox News editing out Biden's Answer and just shows him walking away with his backed turned.... Fake news media Fuax News..... Let mw. Guess Twinblade... That was a mistake my fix again right?

 

 

[Substatic 422]

20 hours ago, Twinblade said:

You’re all fools. This is going to wreck the economy and push inflation even higher. Every economist is saying this but hey, at least old joe gets to buy a few more votes for the mid terms.

 

The detailed projections I have seen show little to no impact either way. 

 

It's just helping Americans.

[54212 432]

On 2022-08-26 at 6:26 AM, Substatic said:

 

The detailed projections I have seen show little to no impact either way. 

 

It's just helping Americans.

 

Then you exist in a very small media bubble, but that's been obvious from the start.

 

The Wall Street Journal's editorial board, the Committee for a Responsible Federal Budget, Larry Summers (Clinton's Treasury Sec and Obama's NEC director), and Jason Furman (Obama's chair of the CEA have all said it's significantly inflationary.

 

- Penn Wharton predicts the plan could cost more than $1T.  One trillion. They also calculate that 56% of the debt forgiveness will be given to people earning $82K or more, and 80% will be given to people earning $50K or above. 

 

- Further, loan repayments have been put in hold since the opening days of the pandemic, so they haven't been lowering the discretionary income of burrowers during the pandemic. The Dems could simply have continued loan forbearance until the economy is stabilized.

 

- Economists who state the Dems' plan won't increase inflation are almost all relying on the assumption that loan repayments would resume in January. Would anyone like to bet on that happening given how volatile the economy is? And on top of that we lose the deflationary power of resuming loan repayments that would occur if the debt wasn't forgiven.   

 

- It does absolutely nothing to solve the skyrocketing cost off tuition, which has been little more than a scam to transfer wealth from young adults to wealthy libs and progs working in academia.

 

- It's grossly unfair to taxpayers who paid back their student debts or never took them out to begin with. Remember it's not debt forgiveness, it's debt transference to the taxpayers. 

 

- Even the WaPo's editorial board came out against it. 

This plan is just more than banana republic vote buying like the fake Inflation Reduction Act. 

 

Dems have become plain vile. As a Sikh you should be utterly ashamed of yourself for allowing yourself to become a mindless DNC company man.

 

Otherwise hope everything's well. 
 

 

[Substatic 422]

16 minutes ago, Saucer said:

 

Then you exist in a very small media bubble, but that's been obvious from the start.

 

The Wall Street Journal's editorial board, the Committee for a Responsible Federal Budget, Larry Summers (Clinton's Treasury Sec and Obama's NEC director), and Jason Furman (Obama's chair of the CEA have all said it's significantly inflationary.

 

 

 

 

I'm going by Moody's Analytics, the Chief Economist at the Roosevelt Institute, and economists at Stony Brook. They either say there will be little to no impact, or it will be helpful. None note any real negative change.

 

I guess there is quite the contention among Economists and the only true way is to see what happens

 

16 minutes ago, Saucer said:

 

 

Dems have become plain vile.As a Sikh you should be utterly ashamed of yourself for allowing yourself to become a mindless DNC company man.

 

 

 

Hush.

Edited August 27, 2022 by Substatic

[Ike★ 2,923]

Here comes Saucer to lick more billionaire anus

[Mr. House 3,371]

 

On 2022-08-27 at 9:41 AM, Saucer said:

- It's grossly unfair to taxpayers who paid back their student debts or never took them out to begin with. Remember it's not debt forgiveness, it's debt transference to the taxpayers. 

That's the worst part of it. Construction workers, truck drivers, plumbers, cooks paying off the debts of people that usually earn more than them in the first place. Or not because they racked up debts studying a worthless major in liberal arts and don't contribute much to society. Most blue collar workers at some point in their lives made a deliberate decision to not go to university and accumulate debt. Instead preferred to learn a profession and work their ass off. 

 

How did something like that bypass congress anyway? 

 

[Goukosan 2,295]

6 minutes ago, Ramza said:

 

That's the worst part of it. Construction workers, truck drivers, plumbers, cooks paying off the debts of people that usually earn more than them in the first place. Or not because they racked up debts studying a worthless major in liberal arts and don't contribute much to society. Most blue collar workers at some point in their lives made a deliberate decision to not go to university and accumulate debt. Instead preferred to learn a profession and work their ass off. 

 

How did something like that bypass congress anyway? 

 

 

The 15% tax rate on billion and trillion dollar companies will be paying this... You know those companies that have been paying almost zero taxes.... So unless they run one of those companies their taxes aren't increasing to pay this off.

[Mr. House 3,371]

On 2022-09-03 at 10:20 PM, Goukosan said:

 

The 15% tax rate on billion and trillion dollar companies will be paying this... You know those companies that have been paying almost zero taxes.... So unless they run one of those companies their taxes aren't increasing to pay this off.

Raising taxes on corporations isn't always good for the economy. Low tax rates can induce businesses growth, creating jobs in the process and making new source of tax income, it pays for itself in more ways than one. You can't tell me otherwise, I'm Canadian and most big corporation is subsidize by a Government program in one way or another. The system generally works and help maintain strong business in specific center of interests for the country.

 

Also, nothing insure the Government will spent those new taxes wisely and the middle class tax payers won't pay for anything. That never happened before, I'm not buying what you're selling, Jack. Sounds like a bunch of malarkey to me, economically speaking.

[Goukosan 2,295]

2 hours ago, Ramza said:

Raising taxes on corporations isn't always good for the economy. Low tax rates can induce businesses growth, creating jobs in the process and making new source of tax income, it pays for itself in more ways than one. You can't tell me otherwise, I'm Canadian and most big corporation is subsidize by a Government program in one way or another. The system generally works and help maintain strong business in specific center of interests for the country.

 

Also, nothing insure the Government will spent those new taxes wisely and the middle class tax payers won't pay for anything. That never happened before, I'm not buying what you're selling, Jack. Sounds like a bunch of malarkey to me, economically speaking.

 

If you were paying attention you would have known that the bill to tax the billion and trillion dollar companies already passed. 

 

It was passed  before the student loan forgiveness. So it's not an empty promise to get the money from those companies. 

 

Here's the thing, those companies were paying less taxes than regular middle class citizens. Some of those companies were paying ZERO taxes. 

 

So its more so that they now have to pay a somewhat fair share of their taxes.   Instead of making Billions and Trillions and paying zero.    It's not a case of their taxes going through the roof. 

 

Are you against them paying any taxes what soever? 

Edited September 6, 2022 by Goukosan

[Mr. House 3,371]

4 hours ago, Goukosan said:

 

If you were paying attention you would have known that the bill to tax the billion and trillion dollar companies already passed. 

 

It was passed  before the student loan forgiveness. So it's not an empty promise to get the money from those companies. 

 

Here's the thing, those companies were paying less taxes than regular middle class citizens. Some of those companies were paying ZERO taxes. 

 

So its more so that they now have to pay a somewhat fair share of their taxes.   Instead of making Billions and Trillions and paying zero.    It's not a case of their taxes going through the roof. 

 

Are you against them paying any taxes what soever? 

I'm studying accounting right now, it'd be hard for me to be against companies paying taxes. I'd be out of a job. 

 

It's more of a case to case basis, paying no taxes at all is possible if the company in question is losing money. Like I said, it can also be a good incentive for business growth. Then again, I'm not yet familiar with US companies taxes policies, here in Canada, companies pay taxes on pretty much every money they make no matter the source and they get taxes return on expenses. There's about thousands way to efficiently reduce taxes in a company but you'll never get to zero if you're profitable. Here it's the rich CEOs types that hide their money in foreign banks, not so much the companies themselves, but the rich definitely don't pay their supposed shares.

 

Anyway,  I'm just trying to look at it neutrally.

Edited September 6, 2022 by Ramza

[Goukosan 2,295]

8 hours ago, Ramza said:

I'm studying accounting right now, it'd be hard for me to be against companies paying taxes. I'd be out of a job. 

 

It's more of a case to case basis, paying no taxes at all is possible if the company in question is losing money. Like I said, it can also be a good incentive for business growth. Then again, I'm not yet familiar with US companies taxes policies, here in Canada, companies pay taxes on pretty much every money they make no matter the source and they get taxes return on expenses. There's about thousands way to efficiently reduce taxes in a company but you'll never get to zero if you're profitable. Here it's the rich CEOs types that hide their money in foreign banks, not so much the companies themselves, but the rich definitely don't pay their supposed shares.

 

Anyway,  I'm just trying to look at it neutrally.

Amazon, Facebook, Google  etc aren't loosing money. 

[Mr. House 3,371]

1 hour ago, Goukosan said:

Amazon, Facebook, Google  etc aren't loosing money. 

I'm looking at Amazon taxes information I could gather and there are two years when they paid 0% taxes because of laws that was passed in congress to encourage investment in the American economy, as I expected, and while I didn't look at those tax regulations specifically, I assume they are temporary measures. 

 

I can assure you, they're paying taxes, it's just that they're expertly avoiding a lot of it and it's legal combined with tax breaks passed from congress. Better regulations need to be put up in place or something, not necessarily an increase in tax rates at large which will affect everyone in an already unstable economy. I hope at least it's specifically aimed at big businesses. They'll keep avoiding taxes anyway while the middle and small guys pays more despite far lower profits.  

 

But you need to stop saying they don't pay Federal taxes. It's technically wrong. The real issue is that we're far from what they're supposed to pay in the first place, with or without tax breaks. 

Edited September 6, 2022 by Ramza

[Goukosan 2,295]

10 minutes ago, Ramza said:

I'm looking at Amazon taxes information I could gather and there are two years when they paid 0% taxes because of laws that was passed in congress to encourage investment in the American economy, as I expected, and while I didn't look at those tax regulations specifically, I assume they are temporary measures. 

 

I can assure you, they're paying taxes, it's just that they're expertly avoiding a lot of it and it's legal combined with tax breaks passed from congress. Better regulations need to be put up in place or something, not necessarily an increase in tax rates at large which will affect everyone in an already unstable economy. I hope at least it's specifically aimed at big businesses. They'll keep avoiding taxes anyway while the middle and small guys pays more despite far lower profits.  

 

But you need to stop saying they don't pay Federal taxes. It's technically wrong. The real issue is that we're far from what they're supposed to pay in the first place, with or without tax breaks. 

 

I don't recall saying federal taxes specifically. 

 

Better regulations were recently put in place to ensure they pay their fair share.  As I said earlier it wasn't technically a tax increase.. It could be seen as such because they're coming from Zero. 

[Mr. House 3,371]

4 hours ago, Goukosan said:

 

I don't recall saying federal taxes specifically. 

 

Better regulations were recently put in place to ensure they pay their fair share.  As I said earlier it wasn't technically a tax increase.. It could be seen as such because they're coming from Zero. 

From what I've seen it's the federal tax rates they're avoiding, not the income taxes. I could be wrong, either way you get the same result they're not paying it in full like they're supposed to.

 

So it's just an end to the tax breaks. If that's the case that's barely news worthy and won't pay for the estimated one trillion $ in student debts forgiveness. 

[jehurey 3,299]

10 hours ago, Ramza said:

From what I've seen it's the federal tax rates they're avoiding, not the income taxes. I could be wrong, either way you get the same result they're not paying it in full like they're supposed to.

 

So it's just an end to the tax breaks. If that's the case that's barely news worthy and won't pay for the estimated one trillion $ in student debts forgiveness. 

It isn't costing one trillion.

 

It is estimated around $400-$500 billion.

 

And its spread over 10 years.

 

Do you know the ONE TRILLION dollar figure comes from?

 

If the entire Student Loan market collapsed, which was what was going to happen.

 

All of it collapsing........and the ENTIRE  one trillions dollars in debt coming due, in its entirety, at the same time.

 

There's PLENTY OF MORE tax changes we can make.

 

We can reverse Trump's and the Republicans 2017 Tax Break Law.

[Mr. House 3,371]

13 hours ago, jehurey said:

It isn't costing one trillion.

 

It is estimated around $400-$500 billion.

 

And its spread over 10 years.

 

Do you know the ONE TRILLION dollar figure comes from?

 

If the entire Student Loan market collapsed, which was what was going to happen.

 

All of it collapsing........and the ENTIRE  one trillions dollars in debt coming due, in its entirety, at the same time.

 

There's PLENTY OF MORE tax changes we can make.

 

We can reverse Trump's and the Republicans 2017 Tax Break Law.

The student loan market was going to collapse you say?