Dems have PTSD from getting wrecked after Obamacare. They’re reluctant to do anything bold until voters reward them for smaller steps in the right direction.
Has this even been determined for the 15% corporate minimum tax on book income? I mean, lol if that measure of book income includes unrealized gains on investments, which is only recently considered part of book income.
Well when they start doing bold thing again, I’ll start caring about voting again. So they do still have a path to getting me into the booth.
The fact they think Romneycare was bold is the problem.
It’s all numbers past a point where most people comprehend so they just toss them around for a while like they’re swinging dicks. “Joe Biden handed out $300B!” If they pointed out “Trump gave the wealthiest people and corporations $1.9 TRILLION and all wimpy Joe could do for libs was $300 billion” they might actually have a point that Trump fought harder for rich pricks than Biden fought for broke graduates.
it was at the time
I dont’ know, this kind of might be “real reform.” It means that for all but the very wealthy the dollar amount of your loans won’t matter any more since it’s going to make sense for everyone to be on that 5 percent IBR for 20 years until forgiveness. Instead, you’re basically paying a sub 5 percent tax on your income for 20 years to to go college and grad school. (How much less than 5 percent depends on how close your salary is to the federal poverty level).
If I get stuck with over 3k in taxes for this because I haven’t finished my PSLF commitments, I am not going to be pleased
I think I would pay 3k to have guaranteed forgiveness over dealing with the nuances of PSLF.
Do you think ol’ Joe had anyone advising him making these points? Anyone at all? Good thread
https://twitter.com/kurteichenwald/status/1562457431820890113
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I think some numbers here might help show what a huge fucking deal this is:
Let’s say a middle class family of four is bringing in $100,000 per year. They owe $100,000 in student loan debt. The 2021 federal poverty level for a family of 4 is $26,500. 225 percent of that is $59,625. $100,000 - $59,625 = $40,375. That’s their “discretionary” income. 5 percent of that a month is $168.
Their salary of course will increase presumably with inflation, but for simplicity sake, lets say they only ever make the same amount. That means over the course of 20 years they will pay off $40,320 and the rest will be forgiven. If this had not existed and they were just paying the “minimum” payment on a 20 year plan, with interest, they’d be looking at, what, having paid $200,000ish over 20 years depending on the rate? Maybe more if they coudln’t afford payments, misssed payments, etc? This is a BFD. He deserves a Dark Brandon for this one.
A “poor” (or lower middle class) family of four making just $60,000 per year? They pay nothing.
Edit:
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Is it not just for undergrad?
I don’t think anyone has the full details on what applies to what yet, the official announcement is coming at 2:15.
Good thread but he doesn’t seem to be saying Biden did anything wrong, just that there’s a lot of issues which everyone here agrees I think.
I think todays is a good start, it’s def not mission accomplished
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If this counts for grad school im 100%, on board. If not, there are going to be a lot of devastated Master’s degree holders making 80-100k a year (cough, teachers, cough)
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The one problem I see with the best parts of this (the changes to income based repayment) is that Trump or DeSantis probably undoes it on day 1 in 2025. Dems codifying it would have been much better (although impossible for obvious reasons).
This too. A revoking will be a HUGE tax increase on the middle class.
His tweet didn’t say anything about the 5 percent cap only applying to undergraduate debt.
Hopefully this goes towards them not winning in 2024 or large backlash to them if they did roll it back?
Edit: by that time people will be quite used to this, 2 full years
America deserves maximum pain if it elects Trump or DeSantis.
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