Could a Tax on Stock Trades Pay Off the Nation's Student Debt?

[TexasTowelie]

Note: The Conversation is rated as "Least Biased" by Media Bias/Fact Check
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by Melissa Knox, The Conversation


If several of the Democratic candidates for president have their way, student debt will be a thing of the past – at least for current student loan borrowers.

Sen. Bernie Sanders has proposed ambitious legislation that would cancel all student loan debt.

Sen. Elizabeth Warren’s plan would pay up to US$50,000 in loans for borrowers making less than $100,000, and a reduced amount for those making between $100,000 and $250,000.

Other Democratic candidates have more modest plans for tackling student debt. Candidates including Cory Booker, Kirsten Gillibrand and Pete Buttigieg want to expand the amount that can be forgiven in the federal loan forgiveness program and make more people eligible.

Read more: https://theconversation.com/could-a-tax-on-stock-trades-pay-off-the-nations-student-debt-119514

[mopinko]

1. thank you.

tl;dr- no.

[TexasTowelie]

3. I'll summarize it.

The economist that wrote the article said it is doubtful.

[bucolic_frolic]

2. I disagree with forgiveness, but modification of terms and principal is in order

These citizens have degrees for the most part, and many have good educations. Pushing off the cost of their education, the loans they incurred, onto taxpayers - the public debt - is insane. Many complain the debt is limiting their lives. Hello? They want new luxury cars and SUVs, a new house.

They should payback their loans on the basis of income. Modified rates, minimum payments. No reason why they can't pay 5-10% of their income. Like the rest of us. Budget well. We don't owe them a free ride.

[spooky3]

4. I agree with most of this. Also, the highest debts are incurred at for-profit

schools, which tend to be lower in quality. Prospective students should be DISCOURAGED from attending these and instead go to public community colleges, universities, etc., many of which now have some online programs.

Taxes on trades doesn't make economic sense, either. A trade does not produce certain income and often produces losses. When a stock does produce incomes or, when sold, gains, those are already taxed.

[kimbutgar]

5. I remember when I started working in the financial industry in 1978 there was a transaction tax

On each trade. Right up to when I left the industry in 1997. It payed for sec enforcement which is non exist now.

[BannonsLiver]

6. I think this would s great if it were used for something bigger and bolder.

Rather than helping someone who accumulated $250,000 in student debt so they can get an art degree.