4 ms·

Especially since our federal loan programs have very generous repayment plans. 20 years paying no more than 10% of your disposable income and it gets wiped out.

Especially since our federal loan programs have very generous repayment plans. 20 years paying no more than 10% of your disposable income and it gets wiped out. I paid 264k plus interest. It’s bullshit to tax me further to pay off loans for people who can afford to pay it.

jonahbenton 7y ago
This "tax" would not affect you in the slightest, unless you own an HFT firm.
- aaomidi 7y ago
  But someday they might be a millionaire!!
- rhino369 7y ago
  He is proposing taxing all stock transactions .5%. I’d pay that and .5% I move my nest egg around adds up. And his projections are pants-on-Fire stupid because he doesn’t account for the fact all high freq trading would move offshore if they taxed trades .5%. Sanders is either an idiot or a bullshitter.
  - jonahbenton 7y ago
    You may be a market timing genius and/or unicorn day trader but generally speaking nobody beats the market and nobody should be moving their own nest egg around, which usually only makes the brokerages money.
    - repolfx 7y ago
      So the transaction fees get passed on to the people who buy into the funds (except, buying into a fund is also a "financial transaction" so may also end up being taxed). Moreover this logic seems to assume HFT is useless. It's a source of liquidity. Everyone who directly or indirectly invests in the stock market ends up paying for higher liquidity - it's just a case of how easily you can see it.
angel_j 7y ago
LOL I wish you had to meet every single person who gets a break, and tell them with a straight face how some minuscule portion of your taxes "paid off" their debt.
omnimus 7y ago
You paid 260k for uni degree? Thats insane. You could live with that comfortably in many countries (even developed ones) for 20 years!
- rhino369 7y ago
  Law degree but yea it was insanely stupid. But I didn’t have 264k dollar. The government loaned it to me.
Balgair 7y ago
https://www.forbes.com/sites/zackfriedman/2018/09/24/public-service-loan-forgiveness-rejected/#606e6d1e1824 https://www.forbes.com/sites/zackfriedman/2018/09/24/public-... Except that 99% of the people that attempt to do this via public service are rejected. Effectively, this program does not realistically exist for 99 of 100 people that try to do it.
treis 7y ago
> 20 years paying no more than 10% of your disposable income and it gets wiped out. That's not quite true. The part that gets wiped out counts as taxable income for that year. In other words, if 100k of loans go away you now have a 10-30k tax bill depending on your income and state. I support closing that loophole, but otherwise I agree that it's a pretty fair system.

jonahbenton 7y ago

This "tax" would not affect you in the slightest, unless you own an HFT firm.

aaomidi 7y ago
But someday they might be a millionaire!!
rhino369 7y ago
He is proposing taxing all stock transactions .5%. I’d pay that and .5% I move my nest egg around adds up. And his projections are pants-on-Fire stupid because he doesn’t account for the fact all high freq trading would move offshore if they taxed trades .5%. Sanders is either an idiot or a bullshitter.
- jonahbenton 7y ago
  You may be a market timing genius and/or unicorn day trader but generally speaking nobody beats the market and nobody should be moving their own nest egg around, which usually only makes the brokerages money.
  - repolfx 7y ago
    So the transaction fees get passed on to the people who buy into the funds (except, buying into a fund is also a "financial transaction" so may also end up being taxed). Moreover this logic seems to assume HFT is useless. It's a source of liquidity. Everyone who directly or indirectly invests in the stock market ends up paying for higher liquidity - it's just a case of how easily you can see it.

angel_j 7y ago

LOL I wish you had to meet every single person who gets a break, and tell them with a straight face how some minuscule portion of your taxes "paid off" their debt.

omnimus 7y ago

You paid 260k for uni degree? Thats insane. You could live with that comfortably in many countries (even developed ones) for 20 years!

rhino369 7y ago
Law degree but yea it was insanely stupid. But I didn’t have 264k dollar. The government loaned it to me.

Balgair 7y ago

https://www.forbes.com/sites/zackfriedman/2018/09/24/public-service-loan-forgiveness-rejected/#606e6d1e1824 https://www.forbes.com/sites/zackfriedman/2018/09/24/public-... Except that 99% of the people that attempt to do this via public service are rejected. Effectively, this program does not realistically exist for 99 of 100 people that try to do it.

treis 7y ago

> 20 years paying no more than 10% of your disposable income and it gets wiped out. That's not quite true. The part that gets wiped out counts as taxable income for that year. In other words, if 100k of loans go away you now have a 10-30k tax bill depending on your income and state. I support closing that loophole, but otherwise I agree that it's a pretty fair system.