The real scoop about the costs and benefits of student loans

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  • Western Rover Herriman, UT
    Feb. 27, 2013 9:36 a.m.

    The people I know save not so they can live an ostentatious lifestyle, but so that their children won't be burdened with the school debt discussed in this very article, so that they can get good nursing care in their twilight years, and for unforeseen needs that may arise.

    Would your proposed tax apply only to liquid assets, or to everything that a taxpayer owns? If the latter, it would require a lot of small businesses to be dissolved, throwing many non-millionaires out of work and slowing the economy for everyone. Somewhat like when over a thousand historic manors were dismantled in Great Britain in the mid-20th century for only the value of the furnishings and building materials, to pay tax bills, with much of the art collections in those houses sold out of the country. Except in this case the assets being dismantled were far more productive than an elegant country house.

  • Ricardo Carvalho Provo, UT
    Feb. 26, 2013 9:44 p.m.

    I suspect Demo is trolling a bit here. A million dollars of net worth yields maybe $50,000 per year upon which to live. Is that really such an outrageous amount that we would want to start taking away from such people?

  • MemoFromA Demo SALT LAKE CITY, UT
    Feb. 26, 2013 5:33 p.m.

    To Western Rover:

    What I'm talking about when I propose taxing savings accounts is that after determining how much money is enough to sustain us through life, we then impose a substantial tax on the remainder of those savings.

    For example: I believe a million dollars net worth is more than enough money for people to live out their lives. Anyone with over a net worth of a million dollars should be forced to pay 20% to 30% of their excess savings each year, until their bloated savings account is par with us average Americans. Its time we demand that the greedy Romney multimillionaires and the Donald Trump billionaires live their lives like the rest of us average Americans. And that goes for anyone who has more than a million dollars. If I was President Obama, I'd continue looking for more ways to bring these greedy hoarding millionaires to their knees.

  • Western Rover Herriman, UT
    Feb. 26, 2013 4:56 p.m.

    Demo, under the current system we already have charlatans who start trade schools that rake in tuition but leave their students with worthless certificates. Wouldn't we get more such charlatans, and more of my and your money going to them, if students didn't have any skin in the game?

    What do you mean tax savings accounts? Aren't they already (Form 1040 Line 8a)? Given the low interest rate on savings accounts, and the small number of people who save in this country, I don't think this raises a large amount of revenue.

  • MemoFromA Demo SALT LAKE CITY, UT
    Feb. 26, 2013 4:17 p.m.

    Why in the world are we even having to address this issue? Higher education costs should all be paid by the government. That is why we instituted government, -- to provide for the betterment of society. I encourage all of the student loan recipients to drag their feet and wait out the 25 year period, and then default on any money still owing. The millionaire fat cats who have stashed away millions in savings should pony up by paying for free government education. Its time we expand President Obama's tax program by demanding that savings accounts be taxed, so as to pay for the goods and services that people have a right to receive. Its our country, too.