HA! Sucker. Does this apply to trade school debt? I just skimmed the article, but who is paying for it? Not being snarky, just can't remember if it was part of the Inflation/Climate bill or what.
I'll admit that I don't understand finances as well as some of you, but wasn't most of this debt just made up, like most medical debt? Ie: the colleges have just been pulling prices out of their asses, and then charging interes rates that would make the mob blush? I mean obviously, the students owe SOMETHING, but does a bachelor's degree REALLY cost $100k plus 20% interest?
Well it’s either that or hanging his hat on the massive expansion of the IRS to audit everyone. That aside, loan forgiveness is peak Biden admin retardation.
It still seems wildly vague, aside from the delayed repayment window extending to Dec. 31st. I don't really get the opposition to this. I dunno anyone who incurred less than $10k in loans, and paying them off isn't easy for anyone. It's not dischargeable like if you had a car or home loan. Vague guidance right now, but good news.
How much college cost and how much colleges charge is not the same thing as the loan issue, though they are most definitely linked. Most loans are not provided by the College. They come from Sallie Mae (government, usually service by a private company of some kind) or from banks or from private lenders. The Sallie Mae and bank loans are rarely high interest. Those come from the sharky privates. But, it's not the colleges' fault that interest rates may be high. It IS collectively the Academic world of self-congratulating higher education propping up their own highfalutin nonsense that has driven up insane tuition costs.
It does nothing to fix the core issue of colleges and loan issuers charging insane rates and tuition fees. In fact it will make it worse if they know the government will bail out borrowers. It’s why bailing out investment banks was also short-sighted. A good first step would have been doing something meaningful, like removing red tape to allow student loan debt to be discharged. But hey, Democrats have otherwise zero Ws heading into the midterms.
Once they lobbied for some debts to not be discharged in bankruptcy, they went full hog on increasing tuition and lending money for it... it's now a guaranteed payback over life. I'm sure the cost of the schooling went up over time, but I remember seeing a graph of prices that took right off when the bankruptcy ruling came down.
This is a weird one to me. How big is the "been regularly committing tax fraud big enough for the IRS to care" demographic exactly? Am I supposed to be afraid that the IRS is now going to catch more wealthy tax cheats? "Back the blue, but only the ones that beat up minorities for petty crimes, never the ones that prosecute the elites" is not exactly a Republican position I want to be on board with.
As if your original post wasn't a strawman. The 87,000 number is not "new armed IRS agents" as the frothing Ted Cruzes (Cruzi?) and Kevin McCartheaugh would have you believe, but rather the total number of hires across the entire Treasury Department over the next ten years. The vast majority of which will just be replacements for retirements of existing employees. The bill will basically return IRS staffing to the level it was at a decade ago, and I don't recall getting anally probed by the IRS back then either. This is hardly a plan to "audit everyone."
I never mentioned anything about “armed IRS agents” or Ted Cruz, so I’m not sure what’s that about. However the CBO did report that the law would increase audits of people below the line of what the proponents stated it would stay above. Considering they’re generally bipartisan, I’m willing to take their word for it.
Is it forgiveness for people who originally incurred less than $10k, or who currently have a balance less than $10k? Because I’m currently a very cautiously optimistic privileged white myn.
My bachelors degree(s) cost a little under $50k, but that’s because I’m a retard and had to go to state school. Also bachelor’s degrees are almost useless if it wasn’t for the fact that most white collar jobs require you to have any degree. I got my masters at the same state school as my undergrad, and it was a completely different experience.
I don't think the idea that the rich do everything by the book, and there's absolutely nothing the IRS could catch them on, is grounded in reality.
I’d argue that their skin IS the game. Colleges are free to jack up prices because they know that loans are readily available and that people are foolish enough to overextend themselves rather than pay what they can afford, as you point out. This is inaccurate, and I know this because my daughter starts college on Friday and I’m writing the checks (well, technically my wife is but it’s our money), and we just spent the past year looking at schools. There are many public schools charging 30K and up a year, putting them well above the 100k for 4 years. We will be paying well over 200K for her bachelors at a very good public school. If our circumstances were different we would never agree to this school, but she’s an only child, so we aren’t helping 2+ kids through school, and we’ve saved nearly all of that over the last 18 years. She will be paying 10-20% of that cost. We gave her several options, which included much more affordable schools but we also help with a graduate degree, or a less expensive school and we buy her a car. She made her choice, anything after the bachelor degree is on her, she chips in her %, and we’re good. I will be posting a Rant later about how I feel about her leaving, unrelated to finances.
As a small biz owner, I am all for more IRS personal. I do it 100% by the book and would breeze through an audit. But, virtually every other shop owner I know fucks with their books to pay as little as tax as possible. Back when I still had a business partner he was always trying to tweak shit and he'd say "Dude, we're never getting audited." Makes me wonder how his books look now and if he's sweating this.