Author Topic: GOP To Block Bill That Would Help 40 Million People Because It Raises Taxes on Millionaires  (Read 365 times)

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Offline EC

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Leftist alert. Do not read if you have just eaten.

Senate Republicans are signaling that they are going to block Elizabeth Warren’s bill to help 40 million students refinance their loans, because it would raise taxes on millionaires.

Sen Warren’s bill would allow students to refinance their old debt at today’s lower interest rates. In many cases, Warren’s bill would allow those who are burdened by student loan debt to slice their interest rate from 6% or 7% to 3.86%. Her legislation would help 40 million borrowers, and would be paid for by phasing in a new tax on millionaires in 2015.

President Obama gave the bill his full support today.

The president said:

    I’ve taken action on my own to offer millions of students the opportunity to cap their monthly student loan payments to 10% of their income. But Congress needs to do its part. The good news is that Senate Democrats are working on a bill that would help more young people save money. Just like you can refinance your mortgage at a lower interest rate, this bill would let you refinance your student loans. And we’d pay for it by closing loopholes that allow some millionaires to pay a lower tax rate than the middle class.

    That’s the choice that your representatives in Congress will make in the coming weeks – protect young people from crushing debt, or protect tax breaks for millionaires. And while Congress decides what it’s going to do, I will keep doing whatever I can without Congress to help responsible young people pay off their loans – including new action I will take this week.

Although this bill has 35 Senate co-sponsors, Republican Minority Leader Mitch McConnell is signalling that he is going to block the legislation from passing. McConnell said, “This bill doesn’t make college more affordable, reduce the amount of money students will have to borrow, or do anything about the lack of jobs grads face in the Obama economy.”

The truth is that McConnell is going to obstruct a piece of legislation that would help 40 millions Americans save money and get out of debt, because he refuses raise taxes on a few thousand of the wealthiest Americans.

Read more: http://www.politicususa.com/2014/06/07/republicans-block-bill-40-million-people-raises-taxes-millionaires.html
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Offline raml

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Why should millionaires finance young people going to college. They make it sound so just but it isn't students should take out loans and pay them off without help from the government at all. The government has no business being in the loan business. It is time to stop stealing from those that work hard and giving to those that don't a student who isn't working while going to college just doesn't deserve any help with loans later.

Online alicewonders

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Why should millionaires finance young people going to college. They make it sound so just but it isn't students should take out loans and pay them off without help from the government at all. The government has no business being in the loan business. It is time to stop stealing from those that work hard and giving to those that don't a student who isn't working while going to college just doesn't deserve any help with loans later.

They should go back to the way I paid for my college in the seventies.  I had an evening shift job lined up BEFORE I graduated from high school.  The week I graduated, I started working evenings and going to summer classes in the day.  That fall, I went to school full-time and worked 30 hours a week as well.  That would have been bad enough - but then I decided to get married and so I was a newly-wed too! 

I don't really recommend taking all that on at once - but I didn't even know you could get a student loan back then - just assumed you worked your way through. 

It is sad to think of getting out of college and then having that big of a debt staring you in the face before you can even get a decent job.  How depressing. 
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Offline Relic

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Our kids have been indoctrinated. A decided minority understand supply and demand. If loan money dried up, college tuition would drop like a stone, but our young people don't understand that concept.

Now we have Obama increasing the gap between the wealthy and the working class, and exploiting it. Our young are all about eating the rich.

Offline GourmetDan

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That fall, I went to school full-time and worked 30 hours a week as well.  That would have been bad enough - but then I decided to get married and so I was a newly-wed too! 


Interesting,  I did the same thing.  LOL!

I don't recommend it either.  That's a ton of hard work.  I don't know how I did it.  It would kill me today...


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Offline andy58-in-nh

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"Millionaires" = small business owners who file their taxes as Subchapter "S" corporations. They are the engines of American job creation. They are the people who already pay the lion's share of taxes.

One day, they will decide to stop supporting their own destruction.
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Offline speekinout

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I'm totally against encouraging more young people to borrow huge sums for a college degree. Too many of them incur enormous debt for a totally useless degree - many in the arts and social sciences aren't worth a whole lot. A degree in Feminist studies? Multiculturalism? Even political science? Those do not bring a return on investment. If the parents won't foot the bill, the student should get a job and go part time as they can afford to pay.

Students in STEM courses will no doubt earn enough to pay back the loans, and they won't need this help.

It's a waste of money, and I don't even like wasting millionaires' money. I'd rather they used it giving someone a job.

Offline Oceander

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The talking point should be dissected/taken apart, and critiqued on its specifics.  For example, what "loopholes" did the Thief-in-Chief refer to?  A democrat's loophole is generally anyone else's reasonable, legitimate tax deduction.

Offline Oceander

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That being said, there have been, from time to time, provisions in the tax code that were really just unjustifiable sops to the wealthy, such as the extension (at one point) of expensing rather than depreciating of the purchase of small aircraft - something that only the rich can engage in.  I knew someone - who used to advise wealthy clients on things of this nature - who called it the "No Millionaire Left Behind" law.
« Last Edit: June 09, 2014, 03:15:14 PM by Oceander »


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