Charlie, I’m shocked at your response and the other responses by politicians to President Biden’s student loan forgiveness plan.
As Robert Hubble contends, “While the Post’s objection is technically true, it is also true for the following subsidies and credits: Trump’s 2017 tax cut for millionaires, oil company subsidies, export subsidi…
Charlie, I’m shocked at your response and the other responses by politicians to President Biden’s student loan forgiveness plan.
As Robert Hubble contends, “While the Post’s objection is technically true, it is also true for the following subsidies and credits: Trump’s 2017 tax cut for millionaires, oil company subsidies, export subsidies for US manufacturers, auto industry subsidies, lower tax rates for hedge fund managers (“carried interest deduction”), 100% deductibility for yachts purchased for “business purposes,” and deduction for 100% of the future depreciation for private jets in their first year of service.
All of the above subsidies, credits, and deductions are regressive because—as the Post notes—“the broader tax base is mostly made up of workers” who are not millionaires, who do not manage hedge funds, who do not own oil wells, and who do not purchase yachts or private jets. And yet, the Post and others reserve peevish indignation for a program that helps middle- and lower-income earners who took a chance by investing in their futures and themselves.
And there were complaints about “unfairness” by those who paid their loans or who do not qualify for loan forgiveness. Biden did what he could given the limits on the Department of Education’s ability to modify its loan programs. The fact that Biden crafted a plan that targets middle- to low-income earners was a reasonable compromise. Was it perfect? Of course not. But when that becomes the standard for achieving progress, all forward movement will cease. We should celebrate another promise kept by Biden.”
And I agree wholeheartedly with Mr. Hubble! Just think about the amount of money that businesses have received during the pandemic and the amount of money that the wealthy have received over decades.
Imho, you’re not seeing the right (correct) side of this issue, Charlie.
How is it that someone can sign a contract which comes with an agreement to repay a debt, for any purpose, can suddenly be saved from that debt by the government?
I don’t disagree that millions of young people have huge college debt. Why did they sign up for it?
Charlie, I’m shocked at your response and the other responses by politicians to President Biden’s student loan forgiveness plan.
As Robert Hubble contends, “While the Post’s objection is technically true, it is also true for the following subsidies and credits: Trump’s 2017 tax cut for millionaires, oil company subsidies, export subsidies for US manufacturers, auto industry subsidies, lower tax rates for hedge fund managers (“carried interest deduction”), 100% deductibility for yachts purchased for “business purposes,” and deduction for 100% of the future depreciation for private jets in their first year of service.
All of the above subsidies, credits, and deductions are regressive because—as the Post notes—“the broader tax base is mostly made up of workers” who are not millionaires, who do not manage hedge funds, who do not own oil wells, and who do not purchase yachts or private jets. And yet, the Post and others reserve peevish indignation for a program that helps middle- and lower-income earners who took a chance by investing in their futures and themselves.
And there were complaints about “unfairness” by those who paid their loans or who do not qualify for loan forgiveness. Biden did what he could given the limits on the Department of Education’s ability to modify its loan programs. The fact that Biden crafted a plan that targets middle- to low-income earners was a reasonable compromise. Was it perfect? Of course not. But when that becomes the standard for achieving progress, all forward movement will cease. We should celebrate another promise kept by Biden.”
And I agree wholeheartedly with Mr. Hubble! Just think about the amount of money that businesses have received during the pandemic and the amount of money that the wealthy have received over decades.
Imho, you’re not seeing the right (correct) side of this issue, Charlie.
How is it that someone can sign a contract which comes with an agreement to repay a debt, for any purpose, can suddenly be saved from that debt by the government?
I don’t disagree that millions of young people have huge college debt. Why did they sign up for it?