Published: Tuesday, March 11 2014 6:15 p.m. MDT
Hey! Here's an idea why doesn't the government LOWER everyone's
tax rates to the same as the millionaire/billionaire club members? That way I
get to pay the same rate that they do.Next idea, don't get into
debt to go to college. The government didn't pay my way when I attended the
UofU. Why should others have to be forced to pay for yours?
It's not just colleges scamming degrees. Remember when a kid could earn
money bay sitting? Now we have licensed daycare that requires degrees and pays
nothing -- yet costs like crazy due to bureaucratic overhead.
I have my fair share of student loan debt, and I am paying it back myself
because I don't buy frivolous things and I live within my means. Rather
than forcing others to suffer the consequences of our actions, can't we
just learn financial management skills? I never took a class in finance but I
figured out how much I need to earn each month to cover necessities. I really
don't think it's that difficult, it's just a matter of financial
priorities, and a huge tv and a brand new car just isn't in that equation
for me. I do think it's a nice thought that Senator Warren
would like to help students, but taking the responsibility away from us is just
going to teach a bad lesson - don't prepare yourself fully and the
government will step in and force the rich to pay for it.
So colleges and universities charge an arm and a leg for tuition, fees, housing
and on-campus food (often required for freshmen who are also often mandated to
live on campus) and it's the millionaires' fault?Got
it.I'd comment more but my car is broken so to fix it I'm
going to call my plumber. It's HIS fault, after all....
@md"How about a flat tax? It is the only fair way to tax everyone with
the same percentage of their income. Close all loopholes. End all deductions.
"No, that'd help the rich and hurt the poor even more.
(Contrary to popular belief it's actually the poor that benefit more from
loopholes/deductions than the rich, after all 47% of people have so much in
those deductions that they aren't paying income taxes).
@Cats"The New Deal was such a disaster and it almost completely
destroyed our country. Thank goodness the Supreme Court saved the nation by
declaring it unconstitutional."The New Deal was pulling America
out of the ditch you conservatives drove it into under Coolidge->Hoover
policies. Then in FDRs second term a lot of it was gotten rid of by the courts
or scaled back and we lost a good chunk of the employment gains.
How many students who use financial aid go and spend on spring break?Cut out Spring Break and go straight through the semester. Let students out
earlier in Spring to Work longer during the summer and not spend frivolously on
extravagant vacations.Financial aid should be available ONLY to pay
for Tuition, books and fees and paid directly to the school. Everything else
should be the responsibility of the student or his family.Schools
should be prohibited from charging fees to raise more money for athletics such
has been done at USU or the U.
Give the money to the responsible people who knew they could not afford to pay
back a student loan, so they never took one out. They knew it was
just a loan when they took the money.
Some commenters are expanding the scope of the discussion to include overhaul of
the tax code (i.e. flat tax). Others are blaming the kids for poor decision
making and them or their parents for poor planning. Let's regain our focus
and examine how we (this is, after all, a societal issue). More importantly, if
you're critical of Sen. Warren's solution...come up with a better
one.How did we get here? An economy that can't absorb
graduates at both a rate and level that will permit them to service their debt.
The jobs available to undergrads now are the same types of jobs I held in high
school. At least the cost of the high school education was borne by the
taxpayer (private schools excepted). Let's examine the roles now. As an
example, a little north of my neck of the woods is a facility is an operation
run by Bayer. A $15 an hour production floor position requires a degree in
biology or biochem. The "foreman" may need a degree in industrial
engineering and X number of years in pharma. (continued)
(continued)An ICP chemist with a masters degree may get $20 an hour.
The cost of a public undergrad education is perhaps $50K with a graduate degree
costing perhaps another $50K. That's a 6-10 year sunk cost with a break
even probably about another 10 years out. As rapidly as economies
are changing the "projected" staring salary of $45K a year in 2005 now
commands a salary of $30K in 2014. The cost of living has gone up and what was
a viable, perhaps even attractive, option in 2005 can not justify the investment
of time or money. Now the student is addled with debt and even jobs in their
field are hard to come by. The "economic rules" of 2014 are challenging
if you can secure work. If you can't then it's impossible. You did everything right. You took a risk, ostensibly jointly shared by
"Sallie Mae". But that's a lie. You bear the full cost of time
and money. The "business" that said you need this education before
I'll hire you? "It's not my fault!" It's the market
(continued)Fairly simplistic solutions, but at least it's a
start. First would be if the education is indeed required to play in the
"job market", then reduce the cost of education. MIT started the open
courseware initiative a few years ago. At one time (maybe they still are) USU
was a participant. The drawback with OCI is no degree is conferred even though
a substantial part of the curriculum is provided at only the cost of a computer
and possibly a text. So, the time is invested by the student in gaining
knowledge, but without a degree, that knowledge has no market value. The
private sector ... perhaps the Princeton Review ... or the professions governing
the discipline (ex: CILA) could administer and exam to certify knowledge
competency. If the student still can't afford, a government grant is given
to cover the cost of the exam.What to do about the existing debt:
The repayment is indexed off the jobs available (in your neck of the woods ~
10%) with the debt retired at seven years. Who pays the outstanding principle?
If society in general benefits from education, then they should collectively
share in the cost of that benefit.
Social Security? Solution: Tax ALL income instead of having a ceiling on the
amount earned. That way, for example, people in entertainment, sports and
investment houses who make enormous amounts of money would pay the same percent
of income as I do on all their income. Income taxes? I don't care how much
the wealthy earn. I just want them to pay the same percent on their income that
I pay. Fairness, equity and simplicity. The entire tax code is a
conglomeration of special exemptions made at one time or another for rich,
influential citizens who could afford to buy the influence necessary to get such
a special exemption. Then they hire smart CPAs to figure out how to apply those
special exemptions to their clients.
I am a college student. It's expensive. I'm working paying for it
myself and graduating debt free this fall. That being said, monetary help would
be wonderful but there is something that people need to understand.. The
"1%" don't just hold on to their money. They don't pile it up
and use it in consumption spending (a terrible habit that keeps many from making
money), they use it in INVESTMENT spending. The money that Senator Warren wants
to be taken for taxation means that same money won't be used for
investment. The money they invest does more for the economy than money taken in
taxes. Letting people invest is in our best interest! I would love the
government to give me money but students CAN make it without it! It means so
much more to me that I worked for it too!
Hey look everybody! A free lunch!
To "Mont Pugmire" but then how do you tax the CEO who has a salary of $1
and earns most of his income off of dividends and exercising their stock
options? Since SS is a payroll tax, you will never touch those CEOs.
Student debt has become a huge problem in this country. The only students that
are even able to pay up are those who go to Ivy League Universities and major in
Law or Medicine. For the rest its a spotty business. My wife and I recently
toured the Baltic Countries and Germany. All of them educate their young people
THROUGH COLLEGE as an investment by the public in the future of their countries.
We, on the other hand, have the attitude that public eduction K thru 12 is
"normal" and K thru 16 is socialism. Instead we burden students with
student debt so they start life way below ground. I think the country (and the
state) need to start with a blank sheet of paper and work it out from scratch.
Meanwhile, we need to notice that foreign students studying abroad are coming
out more educated than their debt-ridden domestic students.
re:Frustrated MomA Flat Tax is essentially the law of tithing as
least as far as the economic side is concerned. Yes a Flat Tax is the answer
where EVERY CITIZEN pays the same percent. This would have the wonderful effects
of lowering the income tax percent substantially for everyone now paying and
also increasing the amount of revenue collected. The problem with the Flat Tax
is that it CAN'T exist in a Socialist country and that is where the USA is
fast approaching. The flat is the ONLY fair tax but Socialism isn't about
fairness - it is about rewarding the lazy and dysfunctional while punishing the
Forget income tax. Tax total property. And start above 10 million. If we tax
10% of property over 10 million we would really tax Buffet. His taxes would be
$2 billion a year instead of $200,000. That would be just. That's why
Buffet said go ahead and tax my income. Because for rich people income is
phony. His phony income is only $467,000 a year.
Why don't we rein in government spending and stop placing the burden of the
National Debt on the backs of future generations? Stop borrowing from our
children and grandchildren!!
If investing in student debt had good returns, millionaires would already be
funding it.That obvious point is totally overlooked by everyone in
all of these discussions.Why anyone would tie up nearly $200,000 in
student debt to get a degree from a high end university for a degree in
something like library science (yes, I know someone who did this) is totally
beyond me. The percentage of kids who go to expensive schools, tie up tens of
thousands in debt and then quit is astounding and generally that money will
hinder their progress for decades.Don't invest in things that
don't provide a commensurate return. Encourage local CC and then fund the
loans when someone is certain of their field, and not before.
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