Reply to How Princeton is Getting Around the Endowment Tax

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Seems like a win for everyone!
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Seems like it makes the endowment tax arbitrary stupid nonsense.  Don't tax Princeton but tax MIT.  Don't text Amherst or NYU but tax Notre Dame.  This whole thing just seems pointless.[/quote]

It is a Pigovian tax. It wasn’t intended to raise revenue. This is an optimal outcome, perhaps even an intended one. [/quote]

It’s kind of crappy to be a family who makes just a tad over the line (or who have more than typical assets) who will pay full price while others just a tiny bit under the line pay none. I get the rationale but it’s not optimal from that perspective. [/quote]

Totally agree - this system is very binary - all or nothing. There will be a lot of gamesmanship among families to get below the line - ironically people will have an incentive to take a pay cut for a few years. It makes very little sense yet given the constraints Princeton is dealing with, I don't blame them. But as one who is not far over the line and also had the audacity to live somewhat conservatively and save money for college, it is frustrating. But life isn't fair - I'm fortunate to have more than most other Americans and college is not a God-given right.[/quote]

Plus don't pretend that your approach to money and saving isn't helping you out in other ways. You might not be getting a college break, but there are so many other benefits you get by living this way.[/quote]

NP. Like what? We have a single car, don’t do vacations at all beyond drive to the beach and stay in a motel type of thing or camping, shop at Walmart for clothes, literally never eat out, we do spend more money than most people on food because our kids have severe food allergies and we need to. We have other therapies for special needs but basically just a typical middle class lifestyle plus some extra frugality compared to most people, and yet we just miss out on all financial aid. No family money at all (we were first gen), actually we support our parents a little if anything. Our kids are very high stats and so could definitely get some merit at some places but it’s frustrating that ivys are out for them because we really can’t afford it. If we lived irresponsibly and didn’t work so hard, they would get financial aid. The system sucks.[/quote]

So apparently you have figured out how to have some of the things you want plus get financial aid but you refuse to do it?  Maybe the system doesn't suck. Maybe you just aren't understanding how to benefit from the system?

And if you don't want to  shop at Walmart like most people so that your kid can get a Princeton education, then dont.  No one is forcing you to do that.  The system sucks because you you have to shop at lower price stores like most people instead of expensive stores?   [/quote]

You are a total insincere jerk. This person was very frank and honest and is trying to be fiscally responsible and you jump all over them. Can you respond in a kind, thoughtful way? What happened to intelligent conflict and discourse?

The low class trash who have no hopes of having their children ever attend a place like Princeton really stand out here. But I'm sure they will argue they didn't want Princeton anyway.

And thank you to the poster who this jerk was responding to. That was a very interesting, meaningful post that demonstrates what a lot of people are dealing with. And as the other poster who is being wrongfully demonized noted, no one is saying woe is me or that they would trade their lives with a homeless person. They are just saying that the system could use fixing. Is that so wrong?[/quote]

The poster is entitled to their opinion that people that are crying about having to shop at Walmart to afford Princeton are totally in a bubble.   You want Princeton to give more aid to your family so that you don't have to shop at Walmart?  Do you know how entitled and ridiculous that sounds?  If a poster is of the opinion that that indicates you live in a bubble, then that is that poster's opinion.  It is no less valid than yours.[/quote]

I’m the PP you’re dissing, and the problem is that we really CAN’T afford an ivy for our kids even though our talented kids would have a very good chance of being admitted. We’re already shopping at Walmart and it’s not enough. That was my point. And yes, it sucks to see people driving SUVs and wearing lulu and taking cruises and we just don’t do that stuff but don’t get aid because we’re in the donut. Of course we could spend down our assets and have nothing to retire with but we’re too responsible for that so we won’t. Meanwhile, people who don’t work hard, don’t make any work or financial sacrifices and who spend everything they get their hands on get their kids a full ride to ivy league colleges. If you can’t see the inherent unfairness in that then I don’t know what to tell you.[/quote]

I don't understand. You just said it yourself. You have money saved for retirement and presumably the other family doesn't.  I know which family I'd rather be but you do you.

But if you're looking at this family that is doing the thing that you seemingly want to do,  then do it.   get the full ride and drive the luxury car I guess if you're able to figure out how that works.  What is stopping you?

I seriously think that if this is your big problem in life, then you're fine.[/quote]

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