Miscellaneous
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 ScamThe 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 CollegeSponsor – Podcorn – Check them out!H.R. 6800 – the Heroes ActCNBC – Student Loan forgiveness may come with a tax bombMore Interesting Podcast like Student Loan Forgiveness and Free College is a Tax Scam on AmericansGrowing your wealth in the Trump Economy Part 1The Rise of Socialism in AmericaNational Debt the #2 Issue for Conservatives in the 2020 Election$25 Trillion National Debt | Who Does America Actually Owe For The Debt?Bernie Sanders: Do You Feel the Bern for 2020?