Elections Senator Warren proposes new Wealth Tax to fund her "free college" and student loan cancellation plan

[bobgeese]

First off, the democrats entire policy is “free shit”.

Second, I will give her credit on one thing. She at least is offering a specific policy, something more than we’re gonna tax the rich and give away healthcare, college, infrastructure, safety nets, etc.. which is a pipe dream.

A specific tax, which goes directly towards student loan reform/relief is at least an achievable goal. It’s also dangerous territory for republicans. It would be wise for republicans to address student loan relief, pretend it’s somehow different by presenting it as “Muh tax relief”, and live to fight another day.

 

[spamking]

The solution to outrageous student debt is to lower university tuitions. No reason for them to be so expensive.

Or you know . . . make it harder to get in and lose all of the feel good degrees that do nothing but cause students to pile up the student loan debt.

 

[Big Nasty Edison]

"Free" universities? No thanks. Subsidizing trade schools is something I can get behind. Not raising taxes so someone can get a useless art or philosophy degree.

 

[Fluffernutter]

I don't really support continuously raising taxes on the upper class to the point where they end up leaving the country.

and if you agreed to borrow money you should have to pay it back.... however, I would be completely happy if they got rid of the interest on these loans to make it easier for people to pay they back. I say that as someone who owes $32,000 in loans. It's amazing how muck quicker you can pay it back when you're not paying six percent interest on it.

Going forward, I would completely agree that public institutions needs to have a lot more tax money funneled into them to lower the cost of tuition. There's no reason people should be paying as much state income and sales tax as they do to get raped on tuition.

 

[Fluffernutter]

"Free" universities? No thanks. Subsidizing trade schools is something I can get behind. Not raising taxes so someone can get a useless art or philosophy degree.

 

[HockeyBjj]

It's funny too because a lot of people who have a lot in student loans live in a household that earns much more than $100,000 a year. You pretty much have to be single to get this benefit. My soon to be wife and I make much more than that combined so I wouldn't see a penny off of my balance.

I am curious how this would apply to married filing separately taxes. Would that count as one household or two individuals?

Wife and I file separately so that she can stay income based repayment on her federal loans and we can focus on the others. I'm just under 100k myself but her income would put us over

 

[panamaican]

Should do this.

My opinion is that college at this point should be considered part of the standard public education and shouldn't be a separate cost, except for those who want to go to private colleges.

Statistically, as many people graduate from college now as used to graduate from high school in the 40's and 50s. As a symbol of academic achievement, it was pretty special. A guy with a high school diploma was pretty much ready to step into most jobs. You didn't need college, just like you don't need a masters or PhD.

No one in the 40s and 50's said "high school is too elitist and it shouldn't be part of public education". Why? Because they understood that educating the public meant educating them to the minimum necessary to enter the workforce. And nowadays, that's college. Everyone doesn't have to go, just like everyone didn't have to go to school past the 8th grade and later the 10th grade. But you want people to go and you want them to finish and the cost shouldn't be the thing that stops them.

I also feel like people don't understand just how much high school covered "useless" liberal arts stuff in the past.

 

[Deleted member 263856]

Especially public colleges, I have no idea why the price of colleges just continues to skyrocket as they do.

Government backed student loans

 

[cincymma79]

I don't really support continuously raising taxes on the upper class to the point where they end up leaving the country.

and if you agreed to borrow money you should have to pay it back.... however, I would be completely happy if they got rid of the interest on these loans to make it easier for people to pay they back. I say that as someone who owes $32,000 in loans. It's amazing how muck quicker you can pay it back when you're not paying six percent interest on it.

Going forward, I would completely agree that public institutions needs to have a lot more tax money funneled into them to lower the cost of tuition. There's no reason people should be paying as much state income and sales tax as they do to get raped on tuition.

There ain’t enough money in the rich to even come close to covering this. It’s retard bait.

 

[HereticBD]

Here's an idea. Get the money from the racket the NCAA has been running for decades. Take that shit out of those crooks' pockets.

 

[cincymma79]

Why not just eliminate the fucking interest rate and replace it with a flat repayment system? I swear the "solution" these goofs spews out makes thing more complicated.

Have to pay the people who run the program

 

[Mr Holmes]

So, wouldn't she need congressional support to pull this off? As we know, just because a president makes a promise doesn't mean congress will fund it.

 

[AlexDB9]

Burn said free college tuition and now Pocahontas goes further (naturally) and wants to wipe out debt. Alright so first of all it would actually be illegal....declaring private debt null and avoid that is. Looking further into it she wants to wipe out debt at public colleges and eliminate up to 50k of debt for households making under 100k....so she’s talking about taxing lower income for higher income? Pocahontas notes that it would stimulate the economy...via upping people’s credit scores...and goes on to say that it would increase home ownership as a result. Soooo we will eliminate your debt and allow you to take out another much more serious loan? That will work out no problems amirite?

How about just eliminating federal involvement? Open up more trade schools instead of incentivizing kids to go major in Latino American studies or some shit for 45k a year.

Again, it’s a bribe (like Burn is pushing) for the simple and gullible in exchange for their vote

 

[panamaican]

There ain’t enough money in the rich to even come close to covering this. It’s retard bait.

Yeah there is.

I think I saw the cost at $640 billion. The collective wealth of America's 540 Billionaires is $2.4 Trillion. A 2% tax would generate $48 billion. That's not even accounting for the other 74,400 millionaires with net worths above $50 Million.

There's more than enough money to cover it, assuming you're spreading that cost out over something like 10 years.

 

[TeTe]

I am curious how this would apply to married filing separately taxes. Would that count as one household or two individuals?

Wife and I file separately so that she can stay income based repayment on her federal loans and we can focus on the others. I'm just under 100k myself but her income would put us over

Not really sure although this is a good point. I'm under 100k right now but my girl makes over 100k. If I could file without her after we get married next year, I'd be good.

 

[TeTe]

Yeah there is.

I think I saw the cost at $640 billion. The collective wealth of America's 540 Billionaires is $2.4 Trillion. A 2% tax would generate $48 billion. That's not even accounting for the other 74,400 millionaires with net worths above $50 Million.

There's more than enough money to cover it, assuming you're spreading that cost out over something like 10 years.

Again, there's this distinction that needs to be made between wealth and income here. You couldn't cover it all at first because you can't hold the wealthy's bank accounts hostage. You'd have to tax income and other incoming assets over a period of time to pay this.

What would this two percent tax be on?

 

[zebby23]

It's funny too because a lot of people who have a lot in student loans live in a household that earns much more than $100,000 a year. You pretty much have to be single to get this benefit. My soon to be wife and I make much more than that combined so I wouldn't see a penny off of my balance.

Same exact position here my friend.

We earn much more so this would not affect us at all. Which blows but I'm still in support of it

 

[zebby23]

In the end , it's going to come down to who promises the most free things. So far we have

Free college
free healthcare
free childcare.
Reperations
Free 50k to pay loans off

Yes, an extremely simple minded person would think this way. You do realize it's not free right? Or do you know this but think this type of posting is cute so you ignore the facts?

Show me the posts where you are all butthurt about free kindergarten through high school. Show me the posts where you are all upset about medicare. Kinda, what I thought. Get on the right side of history please

 

[WarDosAnjos]

Excellent plan. This is something I would much rather have my tax dollars going to

 

[Big Nasty Edison]

Should do this.

My opinion is that college at this point should be considered part of the standard public education and shouldn't be a separate cost, except for those who want to go to private colleges.

Statistically, as many people graduate from college now as used to graduate from high school in the 40's and 50s. As a symbol of academic achievement, it was pretty special. A guy with a high school diploma was pretty much ready to step into most jobs. You didn't need college, just like you don't need a masters or PhD.

No one in the 40s and 50's said "high school is too elitist and it shouldn't be part of public education". Why? Because they understood that educating the public meant educating them to the minimum necessary to enter the workforce. And nowadays, that's college. Everyone doesn't have to go, just like everyone didn't have to go to school past the 8th grade and later the 10th grade. But you want people to go and you want them to finish and the cost shouldn't be the thing that stops them.

I also feel like people don't understand just how much high school covered "useless" liberal arts stuff in the past.

Expending public education to include past high school is fine for technology fields and practical trades. That's necessary to keep America competitive in these growing fields.

Many of my Google search results of top ten most popular majors had sources listing psychology, political science, and english/literature in the top 10. I don't think free college for these subjects is as helpful to our country as say computer science, which was also in the top 10.

Now anecdotally I know two friends with poli sci degrees. One works at a grocery store, the other an auto parts store. Both completed masters degrees years ago. Complete waste of money.