Whispering 18,865 Posted April 22, 2019 Share Posted April 22, 2019 Nuts and bolts highlights: -Cancels $50,000 in student loan debt for every person with household income under $100,000. -It provides substantial debt cancellation for every person with household income between $100,000 and $250,000. The $50,000 cancellation amount phases out by $1 for every $3 in income above $100,000, so, for example, a person with household income of $130,000 gets $40,000 in cancellation, while a person with household income of $160,000 gets $30,000 in cancellation. -It offers no debt cancellation to people with household income above $250,000 (the top 5%). -For most Americans, cancellation will take place automatically using data already available to the federal government about income and outstanding student loan debt. -Private student loan debt is also eligible for cancellation, and the federal government will work with borrowers and the holders of this debt to provide relief. -Canceled debt will not be taxed as income. Link to post Share on other sites More sharing options...
Economy 53,076 Posted April 22, 2019 Share Posted April 22, 2019 This isn't fair to the students that just finish paying off their debt once this goes into affect tho Also this puts tax payers on the hook for it Link to post Share on other sites More sharing options...
Whispering 18,865 Posted April 22, 2019 Share Posted April 22, 2019 3 minutes ago, Economy said: This isn't fair to the students that just finish paying off their debt once this goes into affect tho Also this puts tax payers on the hook for it Life isn’t fair. Seriously, it stimulates the economy. People who were in debt would now have money to rent apartments, buy their first car, or house, start a family, etc. Ultra Millionaires are on the hook. They will be ok if their taxes go up a bit. Link to post Share on other sites More sharing options...
Economy 53,076 Posted April 22, 2019 Share Posted April 22, 2019 Just now, Whispering said: Life isn’t fair. Seriously, it stimulates the economy. People who were in debt would now have money to rent apartments, buy their first car, or house, start a family, etc. Ultra Millionaires are on the hook. They will be ok if their taxes go up a bit. How much does she want to raise the top income bracket by tho? U can't only raise it so much before it backfires I've hear some crazy plans like 70% tax rates Link to post Share on other sites More sharing options...
Matangi 3,050 Posted April 22, 2019 Share Posted April 22, 2019 1 13 minutes ago, Economy said: I've hear some crazy plans like 70% tax rates 70% marginal tax rate. Meaning, only when you make more than 10 million dollars in a single year are you taxed at this rate. It really is not "crazy," considering how few Americans this will even apply to, and that the marginal tax rate has been nearly 90% in the 1950s/60s when the middle class was actually able to grow. Link to post Share on other sites More sharing options...
Petie Estie 5,736 Posted April 22, 2019 Share Posted April 22, 2019 1 hour ago, Faysalaaa said: She said that she wont get money from them but if she gets the nomination in the primary election, she will accept all kind of money from wall street and corporations and anywhere. She says shes progressive but her progressive views are not a priority in her campaign unlike Bernie. Shes wishy washy on medicare for all. Do you even research who you are supporting? She has a bad record on foreign affairs specialy recently with the war in Yemen and supporting Israel against palestinians. Supported the Russiagate conspiracy theory that most progressives did not support and were saying its a way to distract people from the DNA corruption and rigging the election against Bernie. Clearly shes not more progressive than Sanders plus her history shows she was a republican her whole life while Sanders have been fight for this for a very a long time. none of that is damning at all. Bernie is also fine I just think she's better since she's in clear support of progressive policies and details them more than bernie does & also has more progressive tax plans like 2% wealth tax etc. She's also.....signed on to bernie's medicare for all bill....so yeah! Not to mention in favor of forgiving student loan debt....the point of this article....which even with qualifiers is going further than bernie's plans at the moment. Call that more progressive or less, but it works better for me. By "republican her whole life" do you mean she took in information and experiences and started fighting for what's right almost 25 years ago?: "It wasn’t until Warren was recruited onto a federal commission to help reform the bankruptcy code in the mid-1990s—and then fought for those reforms and lost that battle in 2005—that she became the unapologetic partisan brawler she was in creating the Consumer Financial Protection Bureau, serving in the Senate and, now, stumping on the 2020 campaign trail. “I realize nonpartisan just isn’t working,” she recalls of that second conversion moment. “By then it’s clear: The only allies I have are in the Democratic Party, and it’s not even the majority of Democrats.”" https://www.politico.com/magazine/story/2019/04/12/elizabeth-warren-profile-young-republican-2020-president-226613 She's been learning about financial markets and the economy and fighting to make things fairer for decades. She's smart as hell and knows what we need morally & economically as a country. Bonus: her israel stance seems pretty standard https://en.wikipedia.org/wiki/Political_positions_of_Elizabeth_Warren#Israel ++ "russiagate" ... idk what you mean because there was russian influence & they literally did steal hillary's emails. The DNC blows. They're against Bernie and....I don't really care because we have a better candidate in Warren anyway. Call your therapist...it's Petie Estie Link to post Share on other sites More sharing options...
Petie Estie 5,736 Posted April 22, 2019 Share Posted April 22, 2019 1 hour ago, OG Gaga Stan said: I definitely wouldn't go that far, at all. All of her programs are means-tested rather than universal and have massive qualifiers, including this one. Extremely hard on married couples making $50,000 each with potentially hundreds of thousands of dollars of student loan debt, etc. etc. Sanders' proposals are also equipped with coverage mechanisms, so I don't know where that false distinction is coming from. Bernie doesn't support forgiving any student loan debt at all. At least not yet. So regardless of a qualifier it's better than bernie's plan. Sanders' may have coverage mechanisms but they aren't a 2% wealth tax and other specific policies to raise trillions like Warren has already gone into - and which tax the wealthiest americans in a way that is in line with what I feel is morally just and right. Call your therapist...it's Petie Estie Link to post Share on other sites More sharing options...
Petie Estie 5,736 Posted April 22, 2019 Share Posted April 22, 2019 33 minutes ago, Matangi said: 70% marginal tax rate. Meaning, only when you make more than 10 million dollars in a single year are you taxed at this rate. It really is not "crazy," considering how few Americans this will even apply to, and that the marginal tax rate has been nearly 90% in the 1950s/60s when the middle class was actually able to grow. It's actually not even that rate at 10 million. If you made 10 million + 1 dollars, you'd get the lower rate on the 10 million (say...37% which is the current highest) and then you'd pay 70 cents of that last dollar and any dollar after that to the government. This is important because it's mathematically impossible to get a raise and make less money - which is what people often complain about with moving in to the next tax bracket. All the money you make up to a certain point is still taxed at the old rate. Only money earned after that is taxed higher. Call your therapist...it's Petie Estie Link to post Share on other sites More sharing options...
Guest Posted April 22, 2019 Share Posted April 22, 2019 28 minutes ago, SEANGT said: none of that is damning at all. Bernie is also fine I just think she's better since she's in clear support of progressive policies and details them more than bernie does & also has more progressive tax plans like 2% wealth tax etc. She's also.....signed on to bernie's medicare for all bill....so yeah! Not to mention in favor of forgiving student loan debt....the point of this article....which even with qualifiers is going further than bernie's plans at the moment. Call that more progressive or less, but it works better for me. By "republican her whole life" do you mean she took in information and experiences and started fighting for what's right almost 25 years ago?: "It wasn’t until Warren was recruited onto a federal commission to help reform the bankruptcy code in the mid-1990s—and then fought for those reforms and lost that battle in 2005—that she became the unapologetic partisan brawler she was in creating the Consumer Financial Protection Bureau, serving in the Senate and, now, stumping on the 2020 campaign trail. “I realize nonpartisan just isn’t working,” she recalls of that second conversion moment. “By then it’s clear: The only allies I have are in the Democratic Party, and it’s not even the majority of Democrats.”" https://www.politico.com/magazine/story/2019/04/12/elizabeth-warren-profile-young-republican-2020-president-226613 She's been learning about financial markets and the economy and fighting to make things fairer for decades. She's smart as hell and knows what we need morally & economically as a country. Bonus: her israel stance seems pretty standard https://en.wikipedia.org/wiki/Political_positions_of_Elizabeth_Warren#Israel ++ "russiagate" ... idk what you mean because there was russian influence & they literally did steal hillary's emails. The DNC blows. They're against Bernie and....I don't really care because we have a better candidate in Warren anyway. I dont like Bernie at all and im not a progressive, im just correcting you that shes not a real progressive nor is she more progressive than Sanders. You might not see anything wrong with being a wall street activist who takes money from corporations, that is fine but you cant say that is progressive. You say that her Israel stance is the standard but being progressive is not the standard. What I mean with Russiagate is she was going on and on about Trump and Russia. The real people who rigged the election is the DNA and her best friend Hilary who contacted Russia many times to attack Trump. Regardless of weather you agree with me or not, this is not progressive of her which is my point. Yes you dont care that the DNC is against Bernie because you are not a progressive. You just use that word but it doesnt really mean anything to you and people like Warren. Progressives really need to find a new term to define themselves. And this is Warren exposing Hilary yet voted for her. Same thing she will do with corporations. Link to post Share on other sites More sharing options...
Petie Estie 5,736 Posted April 22, 2019 Share Posted April 22, 2019 25 minutes ago, Faysalaaa said: I dont like Bernie at all and im not a progressive, im just correcting you that shes not a real progressive nor is she more progressive than Sanders. You might not see anything wrong with being a wall street activist who takes money from corporations, that is fine but you cant say that is progressive. You say that her Israel stance is the standard but being progressive is not the standard. What I mean with Russiagate is she was going on and on about Trump and Russia. The real people who rigged the election is the DNA and her best friend Hilary who contacted Russia many times to attack Trump. Regardless of weather you agree with me or not, this is not progressive of her which is my point. Yes you dont care that the DNC is against Bernie because you are not a progressive. You just use that word but it doesnt really mean anything to you and people like Warren. Progressives really need to find a new term to define themselves. And this is Warren exposing Hilary yet voted for her. Same thing she will do with corporations. oh i didn't realize you were delusional nvm bye Call your therapist...it's Petie Estie Link to post Share on other sites More sharing options...
Arturo 40,746 Posted April 22, 2019 Share Posted April 22, 2019 Might not vote for her but she’s definitely above Bernard on my list. Everyone is above Bernard except Biden. Link to post Share on other sites More sharing options...
HorusRa2 5,005 Posted April 22, 2019 Share Posted April 22, 2019 4 hours ago, Delusional Aura said: Things like this will work BUT then you run out of rich people money to spend and it's game over. It surprises me to see that average Americans can't see that if you tax the wealthy too much they will just move their business and money to other countries but what do I know right? Instead of spending that money for student loans, it would be more profitable to spend it on our D+ infrastructure. Studies have shown that every dollar invested in infrastructure provides an economic boost of at least two dollars (Leduc, 2012). Leduc and Wilson also argued that, "unanticipated increases in highway spending have positive but temporary effects on GSP, both in the short and medium run. The short-run effect is consistent with a traditional Keynesian channel in which output increases because of a rise in aggregate demand, combined with slow-to-adjust prices. In contrast, the positive response of GSP over the medium run is in line with a supply-side effect due to an increase in the economy's productive capacity". Or we could even invest it into improving the public education sector which would be way much more beneficial as it will prevent the unprivileged to slip through the cracks. Or how about we fix the fiscal mismanagememt of the government first like launching an audit into the pentagon for its excessive expenditure on our military yet China and Russia are spending way less and have military weapons that can rival us AND our veterans are being some of the most neglected people in the country. What I am saying here, is that it starts off as oh its free education by taxing the wealthy, then it will be free Healthcare by taxing the wealthy, then free this and that and the other BY TAXING THE WEALTHY. Our country has to be very careful where it's headed. But what do I know right? People are easily influenced when they hear let's tax the wealthy so our problems can be solved. EDIT: just thought bout this If you want to tax the wealthy of extreme amounts we need to have the security that democrats and Republicans won't help only their friends and families like that have been doing every time one or the other is in power. If the US can get rid of its corruption and be honest and transparent with it fiscal management, then I can see how this ideology can work but until then capitalism works and there's nothing we can do about it. https://www.frbsf.org/economic-research/publications/economic-letter/2012/november/highway-grants/ To be fair though, due to the astronomical rise in tuition costs, one could also argue that due to students being shackled with debt to get a job paying anything over minimum wage also has a large ecinimical impact. If we weren’t paying huge monthly payments for the education we received, it would be going into the economy in the form of goods and services purchased. So by freeing up the purchasing power of students for the rest of their lives, there is a much larger economic benefit. That is unless they get into huge credit card debt as a result. Link to post Share on other sites More sharing options...
Guest Posted April 22, 2019 Share Posted April 22, 2019 23 minutes ago, SEANGT said: oh i didn't realize you were delusional nvm bye lol nice argument Thats what people who lose an argument do.. Link to post Share on other sites More sharing options...
Economy 53,076 Posted April 22, 2019 Share Posted April 22, 2019 @Matangi I'm tagging u cuz for some reason right now the site is not letting me quote your comment And I understand what a marginal tax rate is. I'm saying it may be too high tho It's not the 1950s anymore. The economy is was more globalized now and much easier to shift operations... U can get big drops in investment and entrepreneurship when u tax the wealthy that high France tried a 75% marginal tax a few years ago and it didn't workout so well. They ended up reverting back to the old rate (and it was the socialist government that reverted back) Many business man left to other EU nations, a high profile business man even seeked citizenship to Russia of all places cuz it worked to run his stuff there You won't collect high taxes from rich if they leave or if they stop investing Link to post Share on other sites More sharing options...
HorusRa2 5,005 Posted April 22, 2019 Share Posted April 22, 2019 6 minutes ago, Economy said: @Matangi I'm tagging u cuz for some reason right now the site is not letting me quote your comment And I understand what a marginal tax rate is. I'm saying it may be too high tho It's not the 1950s anymore. The economy is was more globalized now and much easier to shift operations... U can get big drops in investment and entrepreneurship when u tax the wealthy that high France tried a 75% marginal tax a few years ago and it didn't workout so well. They ended up reverting back to the old rate (and it was the socialist government that reverted back) Many business man left to other EU nations, a high profile business man even seeked citizenship to Russia of all places cuz it worked to run his stuff there You won't collect high taxes from rich if they leave or if they stop investing The problem I see with this argument is that the US historically had high marginal tax rates until Reagan administration. And ever since then Republicans and Centrist cry every time we talk about increasing them. They were literally slashed & the people at the top benefited from it and they continue to hold those benefits & it’s not trickling down like the American people were told it would. Link to post Share on other sites More sharing options...
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