In March 2019 the U.S. Senate defeated The Bank on Students Emergency Loan Refinancing Act by a vote of 58-38. The act, proposed by Senator Elizabeth Warren (D-MA) would lower the interest rate on existing student loans from 7% to 3.86%. The act would be financed by levying a mandatory income tax of 30% on everyone who earns between $1 Million and $2 Million dollars per year. Proponents argue that current student loan interest rates are nearly double normal interest rates and should be lowered to provide relief for millions of low-income borrowers. Opponents argue that the borrowers agreed to pay the interest rates when they took out the loans and taxing the rich would hurt the economy.
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@9DS7TFJ2yrs2Y
No, if you want to reduce interests rates people are going to have to pay taxes to make up for the loss of money, so i f you want to lower the rates you must increase taxes for all people
@VulcanMan6 2yrs2Y
Why not just increase taxes on an exponential curve towards wealthier people? Then poor people wouldn't have the burden of raised taxes while wealthier people would have much higher taxes, similar to what the question is proposing.
@8FX9ZXJLibertarian5yrs5Y
No, there should be a very low, flat-line tax rate.
@B3CR7QH3mos3MO
yes, and slightly increase government funding to have colleges more affordable and scholarships more attainable
@9ZLMQ6T6mos6MO
No, but I believe that we should begin to crack down on the tax evasion of the rich by removing certain tax breaks and disallowing offshore accounts
@9Y7BH7Q7mos7MO
No because if they are working harder or doing something more strenuous then they should be able to keep that money, and they shouldn't lose more money than someone who isn't working as hard.
@9XZ3PWG7mos7MO
I believe in lower to no taxes and I believe that if you took out a student loan, then you should pay back every penny.
@9XKKKCQ7mos7MO
Yes and no because rich people need to stay rich and poor people need the federal government to decrease taxes.
@9VRL4WK8mos8MO
I think you could but the rich are human too what if raising their taxes make them go broke, so it is most likely not necessary.
@9TN5YJT8mos8MO
I think it depends on what is considered rich. If you're 500,000 plus a year, you can afford to help the less fortunate out a little.
@9SN2H5WRepublican9mos9MO
It’s a yes and no thing because just because there rich doesn’t mean stuff should cost more for them but it could help some people who can’t afford student loans
@9QFL6QF11mos11MO
Yes, only in the way that involves closing loopholes for large wealthy corporations and regulating taxes from the top 1% at a reasonable rate compared to what other citizens are taxed.
@9KPQM2Y1yr1Y
Yes, because it will offer more educated citizens in the long run which means more people they could tax instead of it being just the 1%.
@9KLNW7Y1yr1Y
remove the idea of increasing taxes from any form of people and instead use the money we already have that we have wasted in other ways and spend that in reducing interest rates.
@9K7Q8DQ1yr1Y
Only the increased taxation of the extremely wealthy (like mega-corporation owners) for unjust taxation against the upper, upper-middle, middle, and lower class.
@9JT3J2SIndependent1yr1Y
No, we should tax cooperations that have not been paying taxes and reduce interest rates for student loans but we should not raise taxes for those already paying.
Cut interest rates and allow bankruptcy to eliminate the balance. After that, transition to several state funded universities and have subsidies for private universities
@9J8Y6MR1yr1Y
No, but qualified service in Americorps, Armed Services, Civil Service, etc. should allow a 50% reduction in outstanding loan amount and no more interest accruing.
We should probably increase taxes to bring down the prices of college significantly, so you can pay off your student loans in 10 years
@9HJDM5J1yr1Y
Increasing taxes is not a good idea because they are already very expensive. Also, student loans are so expensive and some people who are very smart but they can't afford to go.
@9HBXGT81yr1Y
Yes, I'm not holding back on this, all the rich people in this country could come together and give each American $1'000'000, hell Elon Musk can do that by himself since his net worth is 250.1 billion and the American population is 331.9 million people. They choose not to, so tax them.
@9GY3YGF2yrs2Y
No, instead abolish the federal student loan program and all current federal taxes and implement a federal income tax on non-essential goods and services only. Then cover the cost of tuition for all college students with restrictions to prevent abuse.
@9GWZHM32yrs2Y
Increase taxes on the rich in order to fund more outright cash grants to students (which do not have to be repaid)
@9GWV8CH2yrs2Y
Definitely increase the rich's tax rate, but not for student loans. Wipe out student loan debt and take reduce interest rates!
@9GW6F9S2yrs2Y
No, they should put a cap on state institutions tuitions based on the average income of the state population.
@9GNGWHK 2yrs2Y
Forgive all student loans, abolish the student loan program as it currently exists. Require banks to make standard risk/reward loans for students who show promise.
@9GDMPCHLibertarian2yrs2Y
Education in this country is atrocious. There is no helping it. We are becoming a third world country. Fully & completely reform public education and then re-think continued education. Tax the rich to pay for our healthcare, instead.
@9FDRDG72yrs2Y
Instead of taxing the rich, we need to look at the interest rates which are being charged for student loans.
@9F9ZQX72yrs2Y
No, but colleges should reduce tuition rates or increase scholarships
@9F8MGSL2yrs2Y
I agree with a slight increase in the rich taxes and offering more opportunities for after high school education that doesn't cost as much as college. I also believe that college prices should be lowered or students have a better way to pay for it without being put in debt.
@9F8D4DV2yrs2Y
Yes, but only if the rich did not earn their money from the ground up.
So if the rich made themselves without doing anything scandulous besides having the intelligence to become rich effectively and stay rich then how is it fair that we tax them more just because they are smarter than us? As a student, i can understand that most students would want to reduce interest rates for student loans but thats not fair to the rich also there are many other options rather than taking out student loans rather than going into debt or anything of the sort.
@9D75QK7Libertarian2yrs2Y
No, the government must learn to work with what they have AND pass a federal budget.
@9D6V4WXRepublican 2yrs2Y
No, and we should abolish the federal student loan program while also expanding the federal pale grant program to include all of the middle class and increase funding to allow all middle class and low-income students to attend college tuition free.
@9D4W3B22yrs2Y
We need a total overhaul of the tax system in general. Also keep politicians from using tax money to line their pockets
@8GLJNBYIndependent5yrs5Y
Education reform. Reduce cost of schooling (ie college) at a base level.
I support forgiving student loan debt as an investment in the future of the country.
@9BM7Y342yrs2Y
I believe it would be fine to increase the tax on the rich to lower the interest rate on student loans as long as it is only to a certain degree.
@9BLBY4XRepublican2yrs2Y
Yes but not by much because even though the rich may be able to be financially stable with the higher taxes they still might have to do other things to help out businesses or programs that they have. (THIS ANSWER DOES NOT INCLUDE MAJOR COMPANIES, INC., ETC.)
@9B2QSMF2yrs2Y
if you increase taxes for one economic class, you do it for the rest
@9B29QP72yrs2Y
this is so that student loans arent as much.
@99Y9LKX2yrs2Y
No, colleges should be forced to lower admission prices.
@98LZ2S2Independent2yrs2Y
No mainly because if you earned it than you should keep it
@96Q3FRG3yrs3Y
we should imprison bill gates
Depends how rich. But their a human to working hard I feel like it wound not be fair.
@95RJD9W3yrs3Y
Bad question. Suggest one would fix the other
@94Q3Z7L3yrs3Y
@94JQKDB3yrs3Y
No the government shouldn’t take any of money that you make
@94GZHFP3yrs3Y
The government should not be taking anyone’s money by force.
@94BLL2Z3yrs3Y
Yes, but there needs to be a better method implemented, as many rich people have their wealth tied up in stocks which aren't taxed as much as actual money
@946D4XGProgressive3yrs3Y
I support increasing taxes for the rich, but not specifically to reduce interest rates for student loans
@93WV8ST3yrs3Y
No, and reduce everyone’s taxes
@93MVMB6Independent3yrs3Y
A flat tax should be put in place
@92S6K773yrs3Y
I'm satisfied what we have currently.
@92QWWSB3yrs3Y
All tax brackets should be taxed a set percentage of income and/or net worth. so everyone is paying fairly. Close big business loopholes.
@92N2NRZRepublican3yrs3Y
Why? The government has to address the problem of rising prices for applying for college. The prices are getting ridiculous. We can't just do student loan debt forgiveness, otherwise that debt will be put on either the local or federal government's debts. We need to get rid of corruption, if we can, in the college campuses. Education and learning should not cost this much money, nor should other basic services such as medicine and energy.
@92LYT373yrs3Y
No, we should greatly decrease international funding and military spending instead.
@92DZN5Q3yrs3Y
Somewhat. While I love the idea of everyone having a free or cheaper college education, I admit that it is unfair to increase taxes for the rich just because they are rich. If we flipped the situation, and my family had to pay more, I and my family would be upset. Just because someone is rich doesn't mean that they should have to pay more, espically if they don't want to.
@92C54MJ3yrs3Y
Tuition is too high. Colleges also mislead students about what job market really looks like.
@8ZZWZFL3yrs3Y
No, should be a balanced interest rate.
@8ZVQKPC3yrs3Y
Most people can get a better or equally paying job without college.
@8ZFX2SV3yrs3Y
increase taxes for the rich and leave student loans alone
@8YYJ3LTConstitution3yrs3Y
Free Education for public service.
@8YTL8JX3yrs3Y
I think that the idea sounds good, but I doubt everyone would be pleased by it. I've discussed this before, I think that the idea is sound, but the execution is what counts.
@8YPPKYYIndependent3yrs3Y
No. Public college education should be free, but student loans should be allowed to help cover private college tuition and interest rates on those student loans should be 0%. Students, who are in low income and middle-class families, should be allowed school vouchers to cover the cost of private college tuition.
@8YCNLCD3yrs3Y
I am for and against it in many ways
@8Y988PB3yrs3Y
Yes, but only by a little and they should reduce interest rates on student loans.
@8Y85MV93yrs3Y
Yes, but we should also regulate the rising cost of tuitions at public universities
@8Y7MKHX3yrs3Y
Flat tax across all economic groups
@8XKV8HK4yrs4Y
I believe that the student loan system should be reformed. The only fields in which it makes sense to give ginormous *loans* to 18 year old students is when their bachelor's degree will be likely to give them a job. I think we can even support humanities programs this way, just connect the humanities degree with job training.
@8XKPGRF4yrs4Y
No, only if they increased tax for all or just for people with college degrees without loans outstanding
@8X9V3WC4yrs4Y
No, they work hard to earn their money and should keep it
@8WSXFB94yrs4Y
it is not fair that they make more money so they have to spend more money
@8WLTZ5L4yrs4Y
no because these people have worth very hard to get rich and if you just started to tax them a lot then all there hard work will have been for nothing.
@8WB9V654yrs4Y
i don't really care about that
@8W3KRYB4yrs4Y
Yes to degree but we should be wiser about how go about actually achieving this
@8W2GMGP4yrs4Y
Increasing taxes for the rich should go to other government programs over student loan interest rates like UBI
@8V5S36D4yrs4Y
I do believe more taxes should be increased for the rich, but not for a lesser student loan interest rates.
@8V2Q3X94yrs4Y
Regardless, we should still eliminate interest rates on all federal loans
@8TZDZWP4yrs4Y
All student loans should be under the oversight of a bipartisan committee to ensure that no student is ever a victim of predatory loans and that if something happens, the government can help provide assistance to pay off or forgive the loans.
@8TVGHR34yrs4Y
First of all, define rich. Then, why should we tax people who work for what they have? Also, higher education is not for everyone, and for those who do go into it, they can work for it like everyone else.
@8TVFZWYLibertarian4yrs4Y
what defines rich because, if the government says who is rich and who's not then they can keep lowering the limit to take advantage.
@8TQSDGM4yrs4Y
No, but we should still increase taxes for the rich to lessen federal debt
@8TL63624yrs4Y
No, however we need to stop pushing the stigma of needing to go to collage to get a good job.
@8TJHX2M4yrs4Y
Agreeing to a loan is the responsibility of the student. They should be responsible for paying that loan back.
@8TJ7D384yrs4Y
No, eliminate the student loans program and provide amnesty to all participants.
@8TBN4WY4yrs4Y
Erase crony student loans and end state-funded education.
@8T58S8N4yrs4Y
No, but we should eliminate interest rates on all federal loans
@8T54RD9Republican4yrs4Y
No, but the government is highly culpable in the crazy inflated cost of higher education. So the government, which is us, needs to solve this problem! Something needs to break...so kids get out of school, get a job, and start participating in the economy like the rest of us with no student debt.
@8T34LFC4yrs4Y
No, but we should eliminate interest rates for all federal loans and reduce the time needed for repayment programs
@8SX5DK64yrs4Y
There should be a ten million cap on net worth.
@8SGM54D4yrs4Y
I believe the word rich is not relative and does not correctly categorize wealthy individual. Instead of everyone making $100,000 or more a year is rich. Those people probably worked hard for that money, but there's a big difference between $100,000 and $1,000,000 or even $1,000,000,000. There's not much of a good reason a individual needs to be that wealthy, those are the people that need higher taxes.
@8S26LPM4yrs4Y
I believe taxes for the rich should be increased a percentage as they can afford it more than poorer families but the tax shouldn't be high enough to punish people for being successful. This tax can help millions of Americans dig themselves out of debt and grow financially which in turn can help the country as a whole.
@8RSTBLP4yrs4Y
@8RC585J4yrs4Y
Taxation of corporations should be increased to give to the general budget. Individuals taxes are fine.
@8R8X5NR4yrs4Y
No, but set government controlled tuition rates and student loan interest rates
@8R7P78MIndependent4yrs4Y
If the rich want to go to college, they must pay more according to their income, while with lower income students, the amount should be adjusted.
@8R62KC34yrs4Y
yes, but only those above a certain pay grade
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