Best President For Paying Back Student Loans? Donald Trump, really?

[Gnostic.Spirit]

Donald Trump would lower my tax rate 8% from 28% to 20%. Would Donald Trump really be the best President for paying back my student loans?


8% extra a year would be huge. Anyone find anyone better?

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[Rukn]

If you want a lunatic running the country


But if he does get elected there is a chance that I would get "deported" or whatever to my home country and I'm fine with that. Then no more loans and crackheads forever

 

[BMBiology]

"All other Americans will get a simpler tax code with four brackets – 0%, 10%, 20% and 25% – instead of the current seven. This new tax code eliminates the marriage penalty and the Alternative Minimum Tax (AMT) while providing the lowest tax rate since before World War II."

Pay less tax and eliminate AMT?

 

[BMBiology]

"Reducing or eliminating most deductions and loopholes available to the very rich."

Darnit....no 401 k tax deduction?

 

[BMBiology]

Donald Trump would lower my tax rate 8% from 28% to 20%. Would Donald Trump really be the best President for paying back my student loans?


8% extra a year would be huge. Anyone find anyone better?

Actually his tax plan is not that good for pharmacist. Tax at 25% for 150 k salary. Dividends/long term capital gain at 20% (it is 15% now). Elimination of tax deductions.

You are not paying 28% now. Take out healthcare cost, 401 k, HSA and most likely you are already paying <20%.

 

[Gnostic.Spirit]

Interesting...Thanks for the insight. Who do you think has the best tax plan then?

 

[Eichhoernchen]

I would want to get deported too.. I will probably just take advantage of my second passport and go back to Europe, you know, those socialists across the ocean.

 

[ldiot]

"Reducing or eliminating most deductions and loopholes available to the very rich."

Darnit....no 401 k tax deduction?

In order to get the 401k tax break you are sacrificing liquidity and taking on uncertainty in terms of future tax burden.

I'd much rather give up a 401k tax break and just pay a lower income tax. At the end of the day you are probably paying the same amount in taxes up front but you gain the ability to reasonably invest outside of a retirement account for retirement; gaining liquidity, more investment options, and relative certainty in future tax burden.

Who knows though. Maybe I'm just a conspiratory theorist but not being able to access money in a 401k in addition to the tax uncertainty just scares me... especially when the national debt exceeds GDP and candidates who want higher taxes are actually popular...

And in response to your second post... you realize just as 28% is not an effective tax rate neither is Trumps 20% bracket... they are both marginal...

 

[deleted718115]

Interesting...Thanks for the insight. Who do you think has the best tax plan then?

Bernie Sanders

 

[pharmatme]

Interesting...Thanks for the insight. Who do you think has the best tax plan then?

Barack Obama. With his laws 10% of income would go to loans and the way he was headed interest loans were going down. Or you can just default and go to Canada Eh.

 

[ldiot]

Barack Obama. With his laws 10% of income would go to loans and the way he was headed interest loans were going down. Or you can just default and go to Canada Eh.

If you want to be in debt indefinitely 10% is a great option.

 

[pharmatme]

If you want to be in debt indefinitely 10% is a great option.

I think it's good for new grads. We are not burdened with paying a good chunk of our income when we come out. However, once we are settled down and made investments we could pay it off quickly.

 

[Digsbe]

I think it's good for new grads. We are not burdened with paying a good chunk of our income when we come out. However, once we are settled down and made investments we could pay it off quickly.

For many they will hardly skim the interest and still have a whopping principal to pay off. Helpful would be allowing students to refinance at low rates through the government or having some sense of debt forgiveness over time that isn't tacked onto your income. The gov isn't going to lose money to grad student debt, and honestly I think they'd rather bail out the guy who took out 70k for a bachelors in a bad field than they are they 6 figure doctoral grads in various disciplines with 200k+ in debt. They'll milk you on your income taxes and on student loan interest.

 

[ChalupaBatman86]

Trump's businesses just claim bankruptcy when they don't want to repay their loans.

 

[trailerpark]

Trump's businesses just claim bankruptcy when they don't want to repay their loans.

So he's stupid for doing that or smart for taking advantage of that? I just read somewhere on here people need to treat their finances more like a corporation and take emotion out of it.

 

[TallPreMed]

Feel. The. Beeeeeeeeeerrrrrrrrrrrrrrrrrrrrn

 

[Leper Messiah]

I don't support any of the top 3 candidates, but how are you guys not concerned about Bernie's "Medicare for all"? Replacing all the private payors with the lowest reimbursing one out there? He'd run off even more PhRMA companies and destroy quite a few managed care pharmacy jobs. Any time an industry consolidates, jobs are cut. Funny how everyone cries about monopolies when CVS or Walgreens get too big, but when the government does it, nobody bats an eye.

 

[trailerpark]

I don't think anyone actually thinks Bernie has a chance in hell of becoming president so no one is really concerned what his policies are.

 

[confettiflyer]

I don't support any of the top 3 candidates, but how are you guys not concerned about Bernie's "Medicare for all"? Replacing all the private payors with the lowest reimbursing one out there? He'd run off even more PhRMA companies and destroy quite a few managed care pharmacy jobs. Any time an industry consolidates, jobs are cut. Funny how everyone cries about monopolies when CVS or Walgreens get too big, but when the government does it, nobody bats an eye.

That's a pipe dream. If anyone thinks Congress would ever pass a plan even remotely resembling Bernie's single payer plan....I've got a bridge to sell.

 

[Leper Messiah]

That's a pipe dream. If anyone thinks Congress would ever pass a plan even remotely resembling Bernie's single payer plan....I've got a bridge to sell.

Yes, I know it's unlikely. I'm sure the insurance industry sufficiently supports capitol hill, but have you seen the comments on news articles related to UHC pulling out of the exchange? Those comments are scary.

 

[awval999]

Yes, I know it's unlikely. I'm sure the insurance industry sufficiently supports capitol hill, but have you seen the comments on news articles related to UHC pulling out of the exchange? Those comments are scary.

It's not unlikely. It's impossible that a single payer plan could pass the US Congress.

 

[pezdispenser]

Well every candidate is going to make big promises to get elected, but once they are, all of their policies will get torn apart by congress and barely anything will change. So if you have big student loans, I really don't think it's a good idea to put any faith in the government to help you out. The best way is for you to get on the Dave Ramsey plan and get fired up and attack your debts with a vengeance. Then once you are out of debt, it doesn't matter who the president is, or what the government does with IBR, or whatever. You will then be free to do whatever you want. Remember, the borrower is always slave to the lender.

 

[confettiflyer]

You all should read this book, it's pretty good/readable:

Amazon productAmazon product

Amazon product

Amazon product

 

[ldiot]

I still don't understand how people like Sanders have so much support. Higher taxes and bigger government? He bribes the people with their own money. It's a complete joke. I'd rather take my money and buy my own education and insurance. Medicare and social security are near failing... our national debt exceeds GDP... and we want to add more government programs... more entitlements.... more spending??? When has the government ever provided a product superior to that offered by the private sector? Medicare reimbursement doesn't even cover the cost of the service most of the time and is STILL projected to fail.

The reason why education is so expensive in the first place is because of federal loans. More loans available = more demand = higher prices. It's textbook supply and demand. The problem is that we the tax payers are loaning people 80k to get useless degrees in topics like history, art, etc. Who in their right mind would go 80k into debt for an art degree? Who in their right mind would loan someone 80k to gt a useless degree? The US government and we the tax payers do! The fact that you spend 80k on an art degree and make 20k a year in an unrelated field has NOTHING to do with the oh so evil big corporations, wall street, and the top 1%. It's your own fault. Instead of socializing education how about we set some standards in lending? No bank would loan someone 80k to get a degree in a low paying field. Sanders rallies these types of idiots and assigns blame to anyone who is successful... convincing them they the system is rigged against them. He advances the entitlement mindset and demonization of economic success. It's a spreading disease. What ever happened to personal responsibility and common sense?

I guess when you are low income and pay no taxes you think you are getting something for nothing. Demonize the top 1%, demonize productivity and subsidize poverty. Regulate industries... subsidize one industry and break up another. The government decides who has too much and who has too little. This is how you kill economies and countries.

 

[BMBiology]

Do you really think politicians will gain votes by forgiving student loans to working professionals who earn a six figure salary? The majority of the people in this country don't even have a bachelor degree.

 

[confettiflyer]

Do you really think politicians will gain votes by forgiving student loans to working professionals who earn a six figure salary? The majority of the people in this country don't even have a bachelor degree.

I don't think people even know about the issue...I mean, who really reads WSJ? Middle America? People without degrees? Who has $30/mo to blow on it except people like us?

Not a single presidential candidate brought it up in the debates. Ted Cruz said student loans once I think, Rubio made one joke at one campaign stop.

 

[ldiot]

Nobody's suggesting loan forgiveness not even the socialists

 

[BMBiology]

I don't think people even know about the issue...I mean, who really reads WSJ? Middle America? People without degrees? Who has $30/mo to blow on it except people like us?

Not a single presidential candidate brought it up in the debates. Ted Cruz said student loans once I think, Rubio made one joke at one campaign stop.

It is not going to be an issue until some people get their loans forgiven especially well to do professionals. That is when the media will make an issue out if it.

They can easily say, "we are closing the loophole. Loan forgiveness that is more than 59.5 k via PSLF will be taxed like any other debt". The program will be kept mostly intact and most people will receive their loan forgiveness as promised.

 

[BMBiology]

The funny thing is that Obama has already proposed capping the forgiveness amount to 59.5 k so why are the republicans not taking it? Something is better than nothing right?

My guess is the republicans know the cost of IBR will keep on going up and up, as more and more graduate and professional students enroll in it. Therefore this would put more pressure on the democrats to dramatically change the program. I am talking about getting rid of PSLF all together.

 

[confettiflyer]

The funny thing is that Obama has already proposed capping the forgiveness amount to 59.5 k so why are the republicans not taking it? Something is better than nothing right?

My guess is the republicans know the cost of IBR will keep on going up and up, as more and more graduate and professional students enroll in it. Therefore this would put more pressure on the democrats to dramatically change the program. I am talking about getting rid of PSLF all together.

Here's my thought on why Obama's proposal didn't fly:

1) It's Obama - he could propose the same things Donald Trump says and Republicans would call him a socialist Kenyan.

2) A disproportionate number of lawyers would be affected, and most members of congress are lawyers and/or are supported by lawyer groups...so the proposal was scuttled.

Probably why a $60,000 limit when PSLF was first proposed was dropped from the final bill.

 

[BMBiology]

^ but didn't the republicans already propose getting rid of PSLF?

 

[confettiflyer]

^ but didn't the republicans already propose getting rid of PSLF?

Rubio-Warner's bipartisan legislation did for all new loans and replaced it with one single repayment plan, interest cap, and ultimate forgiveness after 30 years (if I remember correctly)....but like other proposals, no one was interested enough to co-sponsor and send it through the requisite committees and such.

I think another piece of legislation was introduced in 2015 but I don't remember much from that.

EDIT: The Rubio-Warner legislation from 2014 was reintroduced 3 days ago and referred to committee:

https://www.govtrack.us/congress/bills/114/s2456

 

[confettiflyer]

^ but didn't the republicans already propose getting rid of PSLF?

Here's the latest one...Sen. King, with Sen. Rubio and Sen. Warner signing on.

http://www.king.senate.gov/download/?id=9CD8B23D-0FF8-4880-A656-4C7767EE4FA7&inline=file

Ultimate forgiveness after 25 years, I stopped reading in depth after that.

Nothing in there about repealing PSLF but nothing authorizing it...pretty sure it means no PSLF for new borrowers (as of 7/1/15, but we're obviously past that and no law in effect, so it would have been grandfathered).

Also this removes the tax bomb.


EDIT: Page 18 explicitly reauthorizes PSLF for borrowers. Exact same program.

I don't know what people are smoking when a republican presidential candidate, a democrat, and an independent from Maine cosponsor a bill to keep PSLF available.

 

[confettiflyer]

Here is the full list of cosponsors, lots of R's in there. That said, this never made it out of fi comm:

* = Original cosponsor
Cosponsor Date Cosponsored
Sen. Burr, Richard [R-NC]* 01/07/2015
Sen. Warner, Mark R. [D-VA]* 01/07/2015
Sen. Rubio, Marco [R-FL]* 01/07/2015
Sen. Collins, Susan M. [R-ME]* 01/07/2015
Sen. Alexander, Lamar [R-TN]* 01/07/2015
Sen. Ayotte, Kelly [R-NH] 01/26/2015
Sen. Capito, Shelley Moore [R-WV] 01/26/2015
Sen. Shaheen, Jeanne [D-NH] 02/09/2015
Sen. Carper, Thomas R. [D-DE] 02/23/2015
Sen. Wicker, Roger F. [R-MS] 05/06/2015
Sen. Manchin, Joe, III [D-WV] 05/20/2015
Sen. Portman, Rob [R-OH] 12/01/2015

 

[Silent Cool]

Rand Paul:

https://www.washingtonpost.com/news...aul-college-tuition-should-be-a-tax-writeoff/

 

[confettiflyer]

Rand Paul:

https://www.washingtonpost.com/news...aul-college-tuition-should-be-a-tax-writeoff/

Why's Rand Paul even still around?

 

[Digsbe]

Why's Rand Paul even still around?

Because there is a demographic of people that want to own assault weapons and smoke marijuana without giving concessions to either.

Honestly I feel like nearly all the candidates are garbage this cycle. I feel that when I vote it's going to be a lesser of two evils scenario. That might come down to who, at the end of the day, is going to somehow increase my wealth via lower taxes or less need to spend on other areas (healthcare, etc.)

 

[UofK]

http://www.thepubliceditor.com/wp-content/uploads/2015/12/Bernie_Sanders_Plant_Free_****_Tree.png
Duh, it's clearly Bernie

 

[UofK]

Here's my thought on why Obama's proposal didn't fly:

1) It's Obama - he could propose the same things Donald Trump says and Republicans would call him a socialist Kenyan.

2) A disproportionate number of lawyers would be affected, and most members of congress are lawyers and/or are supported by lawyer groups...so the proposal was scuttled.

Probably why a $60,000 limit when PSLF was first proposed was dropped from the final bill.

Interesting, the Republican Congress has been under fire for the past 4 years becasue they have provided little resistance to all the sh** Obama has been pushing....seems to me they have been "compromising fine."