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Student Loan Forgiveness and Free College is a Tax Scam on Americans

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Manage episode 278749287 series 2464625
Контент предоставлен David Lamar Marks. Весь контент подкастов, включая выпуски, графику и описания подкастов, загружается и предоставляется непосредственно David Lamar Marks или его партнером по платформе подкастов. Если вы считаете, что кто-то использует вашу работу, защищенную авторским правом, без вашего разрешения, вы можете выполнить процедуру, описанную здесь https://ru.player.fm/legal.

Episode #9 will discuss how leftist and Joe Biden have promised student loan forgiveness and free college to everyone, but this is a tax scam on Americans.

Student Loan Forgiveness is a Tax Scam
The new push by leftist and Joe Biden, and the “Squad” is to have student loan forgiveness and free college. This was prefaced in September 2020 in the Heroes Act. Line 17 1(a) of the Heroes Act states the Secretary of the Treasury has the ability to pay student loan payments for private student loans until September 2021. It is important to note this would pay the amount owed because of COVID-19. The total outstanding total amount for private student loan debt quoted in the bill is $131.8 billion. There is actually $1.54 trillion of outstanding student loan debt. Private debt is a smaller percentage of the student loan debt that would have been paid. This is a bail-out, plain and simple.

It is important to note that those who attend college and take out a student loan are about 54%. This would mean that 46% of the students who attend college would now be responsible for the student loan forgiveness of those who have taken out loans. The numbers get even murkier when you consider that only 14.4% of adults still hold student loan debt. So for those of you 85.6% folks who have paid off their debt, had their debt forgiven by the government already, or simply worked their tail off to pay for college, now have to pay for the other 14.4%. Not to mention the millions of people working who did not go to college who now will pay for the debt through taxes. So how is this possible?

Spending on this degree will require payment somehow. There is no free lunch in life. Taxes will have to be increased to cover this cost, not to mention this is not an ending solution because folks still borrow to go to school. The problem grows even more for those working and paying taxes when it comes to free college. The promise of free college is not covered in totality by the federal government. The Free College for All Act will hit you in both federal and state taxes. The federal government only pays for 67% of the cost. States will be responsible for the remaining 33%. Leftist and Joe Biden will cause tax increases in states where tax rates are already too high. Be sure to listen to the podcast for further details, and think about this information as you pay for someone to get a Ph.D. in Gender Studies.
Important links about Student Loan Forgiveness and Free College

More Interesting Podcast like Student Loan Forgiveness and Free College is a Tax Scam on Americans

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224 эпизодов

Artwork
iconПоделиться
 

Архивные серии ("Канал не активен" status)

When? This feed was archived on March 20, 2021 10:08 (3y ago). Last successful fetch was on January 23, 2021 21:37 (3y ago)

Why? Канал не активен status. Нашим серверам не удалось получить доступ к каналу подкаста в течении длительного периода времени.

What now? You might be able to find a more up-to-date version using the search function. This series will no longer be checked for updates. If you believe this to be in error, please check if the publisher's feed link below is valid and contact support to request the feed be restored or if you have any other concerns about this.

Manage episode 278749287 series 2464625
Контент предоставлен David Lamar Marks. Весь контент подкастов, включая выпуски, графику и описания подкастов, загружается и предоставляется непосредственно David Lamar Marks или его партнером по платформе подкастов. Если вы считаете, что кто-то использует вашу работу, защищенную авторским правом, без вашего разрешения, вы можете выполнить процедуру, описанную здесь https://ru.player.fm/legal.

Episode #9 will discuss how leftist and Joe Biden have promised student loan forgiveness and free college to everyone, but this is a tax scam on Americans.

Student Loan Forgiveness is a Tax Scam
The new push by leftist and Joe Biden, and the “Squad” is to have student loan forgiveness and free college. This was prefaced in September 2020 in the Heroes Act. Line 17 1(a) of the Heroes Act states the Secretary of the Treasury has the ability to pay student loan payments for private student loans until September 2021. It is important to note this would pay the amount owed because of COVID-19. The total outstanding total amount for private student loan debt quoted in the bill is $131.8 billion. There is actually $1.54 trillion of outstanding student loan debt. Private debt is a smaller percentage of the student loan debt that would have been paid. This is a bail-out, plain and simple.

It is important to note that those who attend college and take out a student loan are about 54%. This would mean that 46% of the students who attend college would now be responsible for the student loan forgiveness of those who have taken out loans. The numbers get even murkier when you consider that only 14.4% of adults still hold student loan debt. So for those of you 85.6% folks who have paid off their debt, had their debt forgiven by the government already, or simply worked their tail off to pay for college, now have to pay for the other 14.4%. Not to mention the millions of people working who did not go to college who now will pay for the debt through taxes. So how is this possible?

Spending on this degree will require payment somehow. There is no free lunch in life. Taxes will have to be increased to cover this cost, not to mention this is not an ending solution because folks still borrow to go to school. The problem grows even more for those working and paying taxes when it comes to free college. The promise of free college is not covered in totality by the federal government. The Free College for All Act will hit you in both federal and state taxes. The federal government only pays for 67% of the cost. States will be responsible for the remaining 33%. Leftist and Joe Biden will cause tax increases in states where tax rates are already too high. Be sure to listen to the podcast for further details, and think about this information as you pay for someone to get a Ph.D. in Gender Studies.
Important links about Student Loan Forgiveness and Free College

More Interesting Podcast like Student Loan Forgiveness and Free College is a Tax Scam on Americans

  continue reading

224 эпизодов

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