Bernie Sanders to unveil plan to cancel all $1.6T of student loan debt
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Re: Bernie Sanders to unveil plan to cancel all $1.6T of student loan debt
#2“Sanders will also release a detailed roadmap -- centered on new taxes on Wall Street -- to raise the $2.2 trillion dollars necessary to pay for this program and his other college funding plans. It will include a 0.5% tax on stock trades (or 50 cents for every $100 worth of stock), a 0.1% fee on bonds, and a 0.005% fee on derivatives. Sanders believes that could raise more than $2.4 trillion dollars over the next ten years.”
Sure hope “stock trades” doesn’t include retirement contributions or rollovers. I just rolled over 90k - that would’ve cost me $900 (sell, then buy).
Re: Bernie Sanders to unveil plan to cancel all $1.6T of student loan debt
#3Main discussion (over 200 comments): https://news.ycombinator.com/item?id=20260014
Re: Bernie Sanders to unveil plan to cancel all $1.6T of student loan debt
#4“Sanders will also release a detailed roadmap -- centered on new taxes on Wall Street -- to raise the $2.2 trillion dollars necessary to pay for this program and his other college funding plans. It will include a 0.5% tax on stock trades (or 50 cents for every $100 worth of stock), a 0.1% fee on bonds, and a 0.005% fee on derivatives. Sanders believes that could raise more than $2.4 trillion dollars over the next ten…
God forbid you have to contribute $900 for the future of the country. You realize 50%+ of Americans don't even have $1000 in savings, right?
Re: Bernie Sanders to unveil plan to cancel all $1.6T of student loan debt
#5“Sanders will also release a detailed roadmap -- centered on new taxes on Wall Street -- to raise the $2.2 trillion dollars necessary to pay for this program and his other college funding plans. It will include a 0.5% tax on stock trades (or 50 cents for every $100 worth of stock), a 0.1% fee on bonds, and a 0.005% fee on derivatives. Sanders believes that could raise more than $2.4 trillion dollars over the next ten…
Today we have hyper globalized financial systems and if a country implements taxes like this the big players just move their money elsewhere. This only ends up hurting middle class folks who are playing by the books. I think it would make much more sense to have a very simple tax system (a few percent on every capital gain or income, wether corporate or personal) and get rid of every other complexity and loophole. If America had one of the lowest corporate tax rates many companies would locate headquarters here and bring that few percent of billions of dollar we wouldn't have otherwise.
I also think we could create a special administrative and economic zone (without minimum wage) in the first 50 miles of southern border and allow anyone to come work there from all over the world. This would create a pathway for people to come here legally and have civic and language classes to help integrate. We could pick the best and brightest from this zone for citizenship which I think is a more fair system. Before you dismiss this idea as colonial consider that this area would have the same human rights and laws as the rest of the US just with low wages, this would be better working conditions than most places on earth with similar wages while also providing a defined channel to gain US citizenship.
Re: Bernie Sanders to unveil plan to cancel all $1.6T of student loan debt
#6This is welfare for upper middle class people. https://www.nytimes.com/2018/11/18/opinion/student-debt-forg...
> “Education debt,” as Sandy Baum and Victoria Lee of the Urban Institute have written, “is disproportionately concentrated among the well-off.” The highest-earning quarter of the population holds more than a third of all student debt, while the lowest-earning quarter holds only 12 percent, according to Baum and Lee.
Less than 40% of those 18-29 have student loan debt: https://www.pewresearch.org/fact-tank/2017/08/24/5-facts-abo.... Almost by definition, these are disproportionately the folks who were privileged enough to go to college to begin with. Moreover, the total debt is skewed towards the people with the highest income potential. The median debt for someone who doesn't attain a college degree is $10,000. Versus $45,000 for someone who attains a post-graduate degree.
The existing system we have is fine. Obama's PAY-E caps student loan payments at 10% of income. That means the people who end up with good jobs end up subsidizing everyone else. (The government kicks some money in too, but PAYE will only cost $180 billion over 10 years, instead of more than then times that in one shot.) If we need to fix the loopholes in that, let's do it. But under the current system, I as a private practice lawyer pay thousands of dollars a month to the government. Under Bernie's plan, I'd get a small mortgage worth of a windfall.
If we're going to raise taxes $2.2 trillion, it's criminal to not spend it on the people who need that money the most.
Re: Bernie Sanders to unveil plan to cancel all $1.6T of student loan debt
#7“Sanders will also release a detailed roadmap -- centered on new taxes on Wall Street -- to raise the $2.2 trillion dollars necessary to pay for this program and his other college funding plans. It will include a 0.5% tax on stock trades (or 50 cents for every $100 worth of stock), a 0.1% fee on bonds, and a 0.005% fee on derivatives. Sanders believes that could raise more than $2.4 trillion dollars over the next ten…
Today we have hyper globalized financial systems and if a country implements taxes like this the big players just move their money elsewhere. This only ends up hurting middle class folks who are playing by the books. I think it would make much more sense to have a very simple tax system (a few percent on every capital gain or income, wether corporate or personal) and get rid of every other complexity and loophole. If…
I like your ideas. However, I don't fully follow the the low corporate taxes one though. Is the idea to compete in a race-to-the-bottom with corporate taxes and profit from trickle-down economics? I think the popular critique of trickle-down is fair.
Re: Bernie Sanders to unveil plan to cancel all $1.6T of student loan debt
#8Just too many questions at this point.
what about the ones who have already paid the entirety of its loan?
How about a federal loan structure? with very minimal interest?
Isn't this problem a derivative of problem (insert costly higher education) here.
Shouldn't this also mean that education loan will become one of the easy way to get into college even if you dont want to?
What about the future generation? Its good to have free education in first place rather than giving out loans and taking it back.
India took a similar stance on Farmer's loan waivers and it neither fixed the issue nor corrected it.
Time to learn lessons.
Re: Bernie Sanders to unveil plan to cancel all $1.6T of student loan debt
#9How is this not another $1.6T bank bailout?
Re: Bernie Sanders to unveil plan to cancel all $1.6T of student loan debt
#10[deleted]