Anonymous wrote:OMG -- I wish someone would create a chart that compares the "cost" of student loan forgiveness against the cost of tax breaks for the wealthy and corporations.

Why do Americans think it's totally unfair to forgive student loans but it's totally fine that most US corporations pay almost nothing in taxes?

When Republicans eliminate taxes for the super rich and for corporations, everyone shrugs.

When Democrats eliminate crippling student loan debt for a few thousand people, everyone goes nuts.

Explain it to me like I'm 5.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It’s infuriating. I know some people personally who quit their good paying… but “boring”… jobs to pursue their passions and now live off welfare. At least they don’t live near me so I know my money isn’t going to them

Funny how people get infuriated at people with modest incomes scamming the system but shrug their shoulders at people scamming billions of dollars from taxpayer coffers.

The late billionaire Sheldon Adelson, for example, used a complicated trust mechanism called a “grantor retained annuity trust (GRAT)” to “pass on $7.9 billion to his children while avoiding $2.8 billion in gift and estate taxes.”

All smart wealthy people use trusts (and other means) to legally pass on their estates while avoiding estate taxes. Fact is that money was already taxed once, there is absolutely no reason it should be taxed again to transfer it to your kids. Fact is there are plenty of legal ways to avoid this and have been for decades.

We earned our money, 95%+ of it as W2 income and taxed at the highest rate. Absolutely no reason for the govt to take 40-50% (fed and state) of it when we die.

That's your opinion, not a fact. Plenty of advanced economies tax estates at a far higher rate, and their societies are more equal and more harmonious for it. My opinion is that we don't need to have billionaires passing on the bulk of their megafortunes to their heirs tax free while there are hungry children in America who could benefit from better social welfare supports.

See above. Happy to pay my taxes once. I've paid more in State taxes in a SINGLE year than most people will earn in a lifetime. I've already contributed to social welfare programs and happily support them. I'm not a billionaire totally avoiding taxes. Most of our income is W2 or interest and some cap gains. We have no way to shelter it legally, so we pay high taxes yearly. I donate to several organizations of my choosing to locally support at an even better level. But still do not support the govt taxing my money a 2nd time and will utilize all tools possible to avoid that.

I also still believe people should take some responsibility for themselves, and that includes not overpaying for college and expecting others to subsidize you. When it is totally possible to get a good education that is AFFORDABLE.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It’s infuriating. I know some people personally who quit their good paying… but “boring”… jobs to pursue their passions and now live off welfare. At least they don’t live near me so I know my money isn’t going to them

Funny how people get infuriated at people with modest incomes scamming the system but shrug their shoulders at people scamming billions of dollars from taxpayer coffers.

The late billionaire Sheldon Adelson, for example, used a complicated trust mechanism called a “grantor retained annuity trust (GRAT)” to “pass on $7.9 billion to his children while avoiding $2.8 billion in gift and estate taxes.”

All smart wealthy people use trusts (and other means) to legally pass on their estates while avoiding estate taxes. Fact is that money was already taxed once, there is absolutely no reason it should be taxed again to transfer it to your kids. Fact is there are plenty of legal ways to avoid this and have been for decades.

We earned our money, 95%+ of it as W2 income and taxed at the highest rate. Absolutely no reason for the govt to take 40-50% (fed and state) of it when we die.

That's your opinion, not a fact. Plenty of advanced economies tax estates at a far higher rate, and their societies are more equal and more harmonious for it. My opinion is that we don't need to have billionaires passing on the bulk of their megafortunes to their heirs tax free while there are hungry children in America who could benefit from better social welfare supports.

See above. Happy to pay my taxes once. I've paid more in State taxes in a SINGLE year than most people will earn in a lifetime. I've already contributed to social welfare programs and happily support them. I'm not a billionaire totally avoiding taxes. Most of our income is W2 or interest and some cap gains. We have no way to shelter it legally, so we pay high taxes yearly. I donate to several organizations of my choosing to locally support at an even better level. But still do not support the govt taxing my money a 2nd time and will utilize all tools possible to avoid that.

I also still believe people should take some responsibility for themselves, and that includes not overpaying for college and expecting others to subsidize you. When it is totally possible to get a good education that is AFFORDABLE.

While you may be annoyed about paying taxes, billionaire Mark Cuban says he’s happy to pay the $275.9 million he owes for 2023.

“I pay what I owe,” Cuban wrote on social media site X on Sunday. “This country has done so much for me, I’m proud to pay my taxes every single year.”

Cuban confirmed with CNBC Make It on Monday that his $275.9 million tax bill was “wired today.”

“We only get to be entrepreneurs and enjoy the freedoms we have because of the men and women who dedicate their lives to protecting our country,” he tells CNBC Make It. “They deserve every penny they get and my taxes go to support them.”

Cuban, who is also one of the stars on ABC’s “Shark Tank,” has an estimated net worth of $5.4 billion and says his tax bill is “almost all long term capital gains,” which almost certainly triggered a federal long-term capital gains tax of 20%.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It’s infuriating. I know some people personally who quit their good paying… but “boring”… jobs to pursue their passions and now live off welfare. At least they don’t live near me so I know my money isn’t going to them

Funny how people get infuriated at people with modest incomes scamming the system but shrug their shoulders at people scamming billions of dollars from taxpayer coffers.

The late billionaire Sheldon Adelson, for example, used a complicated trust mechanism called a “grantor retained annuity trust (GRAT)” to “pass on $7.9 billion to his children while avoiding $2.8 billion in gift and estate taxes.”

All smart wealthy people use trusts (and other means) to legally pass on their estates while avoiding estate taxes. Fact is that money was already taxed once, there is absolutely no reason it should be taxed again to transfer it to your kids. Fact is there are plenty of legal ways to avoid this and have been for decades.

We earned our money, 95%+ of it as W2 income and taxed at the highest rate. Absolutely no reason for the govt to take 40-50% (fed and state) of it when we die.

That's your opinion, not a fact. Plenty of advanced economies tax estates at a far higher rate, and their societies are more equal and more harmonious for it. My opinion is that we don't need to have billionaires passing on the bulk of their megafortunes to their heirs tax free while there are hungry children in America who could benefit from better social welfare supports.

See above. Happy to pay my taxes once. I've paid more in State taxes in a SINGLE year than most people will earn in a lifetime. I've already contributed to social welfare programs and happily support them. I'm not a billionaire totally avoiding taxes. Most of our income is W2 or interest and some cap gains. We have no way to shelter it legally, so we pay high taxes yearly. I donate to several organizations of my choosing to locally support at an even better level. But still do not support the govt taxing my money a 2nd time and will utilize all tools possible to avoid that.

I also still believe people should take some responsibility for themselves, and that includes not overpaying for college and expecting others to subsidize you. When it is totally possible to get a good education that is AFFORDABLE.

Anonymous wrote:He knew he had to get a better paying job to repay the loan, but he didn't want to give up his passion, which was music.

Now that his almost $250K loan has been paid by us taxpayers, he says he wants to go meditate in India with a guru.

Like what the actual f*.

my nephew has a mild SN and had a hard time finding a job after college; he majored in IT. He found a lowish paying job (like $45K) at a nonprofit and is still paying it off while he lives with his single mom because he can't afford to live on his own and pay off the debt. But, the government didn't pay his debt off. I think it's like $50K. Here's someone who's trying and working a job that has potential for growth, even as he has a hard time of it, and then there's this guy with his music passion, and now he can go meditate because we taxpayers basically gave him $250K.

https://www.yahoo.com/finance/news/gen-xer-got-250-000-181801554.html

Yea, I feel bitter.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It’s infuriating. I know some people personally who quit their good paying… but “boring”… jobs to pursue their passions and now live off welfare. At least they don’t live near me so I know my money isn’t going to them

Funny how people get infuriated at people with modest incomes scamming the system but shrug their shoulders at people scamming billions of dollars from taxpayer coffers.

The late billionaire Sheldon Adelson, for example, used a complicated trust mechanism called a “grantor retained annuity trust (GRAT)” to “pass on $7.9 billion to his children while avoiding $2.8 billion in gift and estate taxes.”

All smart wealthy people use trusts (and other means) to legally pass on their estates while avoiding estate taxes. Fact is that money was already taxed once, there is absolutely no reason it should be taxed again to transfer it to your kids. Fact is there are plenty of legal ways to avoid this and have been for decades.

We earned our money, 95%+ of it as W2 income and taxed at the highest rate. Absolutely no reason for the govt to take 40-50% (fed and state) of it when we die.

That's your opinion, not a fact. Plenty of advanced economies tax estates at a far higher rate, and their societies are more equal and more harmonious for it. My opinion is that we don't need to have billionaires passing on the bulk of their megafortunes to their heirs tax free while there are hungry children in America who could benefit from better social welfare supports.

See above. Happy to pay my taxes once. I've paid more in State taxes in a SINGLE year than most people will earn in a lifetime. I've already contributed to social welfare programs and happily support them. I'm not a billionaire totally avoiding taxes. Most of our income is W2 or interest and some cap gains. We have no way to shelter it legally, so we pay high taxes yearly. I donate to several organizations of my choosing to locally support at an even better level. But still do not support the govt taxing my money a 2nd time and will utilize all tools possible to avoid that.

I also still believe people should take some responsibility for themselves, and that includes not overpaying for college and expecting others to subsidize you. When it is totally possible to get a good education that is AFFORDABLE.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Outliers are everywhere. Look at the big picture, not the person the journalist thought would get the most clicks.

Agree with this. I like the student loan forgiveness. And I speak as someone who was able to pay off my loans AND pay for my kids college. I am fortunate and I realize that

I'm all for some loan forgiveness. But kids and parents need to STOP taking out $$$ to attend schools they cannot afford. If you cannot afford more than $25K/year, then don't attend a school that costs $90k+/year and take loans. Find a state school that gives you merit/private that gives merit and have your kid work FT on all breaks and PT during the year where they can earn 10K per year easily.

But I don't see why I should be paying for someone who choose to got to a school that costs $65K per year, major in Art history, then only be able to get a job making $25K/year and complain they cannot pay their loans. No Shit Sherlock! Common sense would have told them that they would most likely only start at $25-30K, and therefore should not have loans totally anymore than $25K over 4 years.

There has to be some personal responsibility for people. College can be done without massive debt, you just have to choose wisely.

And I don’t understand why corporations can bankruptcy and never pay their bills.

Then turn around and restructure under a new name and continuing as if nothing happened.

Don’t be a d!ck pay your bills.

Yes everyone should pay their bills.

But the argument that Corporations do it, so I as an individual should be able to not pay my bills isn't a strong one.
Take personal responsibility. If you are smart enough for college, then you should be able to understand A) what your average starting salary will be for possible majors and B) how taking loans works and what your monthly payments will be for 10 year+ after graduation. If not, perhaps you shouldn't be at college

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It’s infuriating. I know some people personally who quit their good paying… but “boring”… jobs to pursue their passions and now live off welfare. At least they don’t live near me so I know my money isn’t going to them

Funny how people get infuriated at people with modest incomes scamming the system but shrug their shoulders at people scamming billions of dollars from taxpayer coffers.

The late billionaire Sheldon Adelson, for example, used a complicated trust mechanism called a “grantor retained annuity trust (GRAT)” to “pass on $7.9 billion to his children while avoiding $2.8 billion in gift and estate taxes.”

All smart wealthy people use trusts (and other means) to legally pass on their estates while avoiding estate taxes. Fact is that money was already taxed once, there is absolutely no reason it should be taxed again to transfer it to your kids. Fact is there are plenty of legal ways to avoid this and have been for decades.

We earned our money, 95%+ of it as W2 income and taxed at the highest rate. Absolutely no reason for the govt to take 40-50% (fed and state) of it when we die.

That's your opinion, not a fact. Plenty of advanced economies tax estates at a far higher rate, and their societies are more equal and more harmonious for it. My opinion is that we don't need to have billionaires passing on the bulk of their megafortunes to their heirs tax free while there are hungry children in America who could benefit from better social welfare supports.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Outliers are everywhere. Look at the big picture, not the person the journalist thought would get the most clicks.

Agree with this. I like the student loan forgiveness. And I speak as someone who was able to pay off my loans AND pay for my kids college. I am fortunate and I realize that

I'm all for some loan forgiveness. But kids and parents need to STOP taking out $$$ to attend schools they cannot afford. If you cannot afford more than $25K/year, then don't attend a school that costs $90k+/year and take loans. Find a state school that gives you merit/private that gives merit and have your kid work FT on all breaks and PT during the year where they can earn 10K per year easily.

But I don't see why I should be paying for someone who choose to got to a school that costs $65K per year, major in Art history, then only be able to get a job making $25K/year and complain they cannot pay their loans. No Shit Sherlock! Common sense would have told them that they would most likely only start at $25-30K, and therefore should not have loans totally anymore than $25K over 4 years.

There has to be some personal responsibility for people. College can be done without massive debt, you just have to choose wisely.

And I don’t understand why corporations can bankruptcy and never pay their bills.

Then turn around and restructure under a new name and continuing as if nothing happened.

Don’t be a d!ck pay your bills.

Yes everyone should pay their bills.

But the argument that Corporations do it, so I as an individual should be able to not pay my bills isn't a strong one.
Take personal responsibility. If you are smart enough for college, then you should be able to understand A) what your average starting salary will be for possible majors and B) how taking loans works and what your monthly payments will be for 10 year+ after graduation. If not, perhaps you shouldn't be at college

Anonymous wrote:Stop making moral judgments when critiquing policy decisions. For all you know the guy already paid the principal of the loan many times over.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Outliers are everywhere. Look at the big picture, not the person the journalist thought would get the most clicks.

Agree with this. I like the student loan forgiveness. And I speak as someone who was able to pay off my loans AND pay for my kids college. I am fortunate and I realize that

I'm all for some loan forgiveness. But kids and parents need to STOP taking out $$$ to attend schools they cannot afford. If you cannot afford more than $25K/year, then don't attend a school that costs $90k+/year and take loans. Find a state school that gives you merit/private that gives merit and have your kid work FT on all breaks and PT during the year where they can earn 10K per year easily.

But I don't see why I should be paying for someone who choose to got to a school that costs $65K per year, major in Art history, then only be able to get a job making $25K/year and complain they cannot pay their loans. No Shit Sherlock! Common sense would have told them that they would most likely only start at $25-30K, and therefore should not have loans totally anymore than $25K over 4 years.

There has to be some personal responsibility for people. College can be done without massive debt, you just have to choose wisely.

And I don’t understand why corporations can bankruptcy and never pay their bills.

Then turn around and restructure under a new name and continuing as if nothing happened.

Don’t be a d!ck pay your bills.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It’s infuriating. I know some people personally who quit their good paying… but “boring”… jobs to pursue their passions and now live off welfare. At least they don’t live near me so I know my money isn’t going to them

Funny how people get infuriated at people with modest incomes scamming the system but shrug their shoulders at people scamming billions of dollars from taxpayer coffers.

The late billionaire Sheldon Adelson, for example, used a complicated trust mechanism called a “grantor retained annuity trust (GRAT)” to “pass on $7.9 billion to his children while avoiding $2.8 billion in gift and estate taxes.”

All smart wealthy people use trusts (and other means) to legally pass on their estates while avoiding estate taxes. Fact is that money was already taxed once, there is absolutely no reason it should be taxed again to transfer it to your kids. Fact is there are plenty of legal ways to avoid this and have been for decades.

We earned our money, 95%+ of it as W2 income and taxed at the highest rate. Absolutely no reason for the govt to take 40-50% (fed and state) of it when we die.

Anonymous wrote:

Anonymous wrote:OMG -- I wish someone would create a chart that compares the "cost" of student loan forgiveness against the cost of tax breaks for the wealthy and corporations.

Why do Americans think it's totally unfair to forgive student loans but it's totally fine that most US corporations pay almost nothing in taxes?

When Republicans eliminate taxes for the super rich and for corporations, everyone shrugs.

When Democrats eliminate crippling student loan debt for a few thousand people, everyone goes nuts.

Explain it to me like I'm 5.

Easy. The crippling student loan debt for a few thousand people is only crippling because those few thousand people refuse to work harder and get better paying jobs. Anyone with a moral compass takes responsibility for their decisions and holds themselves accountable. Disappointing to have to coexist with people that constantly take the self-indulgent path.

Anonymous wrote:

Anonymous wrote:It’s infuriating. I know some people personally who quit their good paying… but “boring”… jobs to pursue their passions and now live off welfare. At least they don’t live near me so I know my money isn’t going to them

Funny how people get infuriated at people with modest incomes scamming the system but shrug their shoulders at people scamming billions of dollars from taxpayer coffers.

The late billionaire Sheldon Adelson, for example, used a complicated trust mechanism called a “grantor retained annuity trust (GRAT)” to “pass on $7.9 billion to his children while avoiding $2.8 billion in gift and estate taxes.”