No. of Recommendations: 17
Bernie, my main man, has now gone over the cliff. The man has lost it. He has one-upped Warren, Omar and Jayapal...all in one swoop. He not only wants to pay for all outstanding student loans...all $1.6T of them, but he wants to make college 'free' to all public universities, trade schools and community colleges. And to pay for it, he's going after those nasty Wall-Street speculators, who he says should be taxed sufficiently to pay the total $2.2T he says can be paid off in....get this.....6 months. That's SIX MONTHS.

This is so obscene I don't know where to start. Sooooo, lets start with taxing speculative transactions....whatever speculative transactions are. But whatever that is, if it is taxable than it would be reportable as income, I'd assume. If so, we can look at the most recent IRS Statistics of Income (SOI), for 2016 (the most recent year for which this data is available), which can be seen, in downloadable Excel format at

https://www.irs.gov/statistics/soi-tax-stats-individual-stat...

Downloading the "All Returns Selected Income Tax Items" Spread Sheet, you can see the income and deductions and tax for each of the income groups. If I go to those whose Adjusted Gross Income is $1MM and more....which I'd assume this Wall Street Speculative Transactions would fall into....there are a total of 422,902 tax returns in this group that represent just over .3% of all returns. This group paid a total of just over $359B in tax. So dividing this into $2,200B gives us 6.1 years, not 6 months, to pay for this government largess....and this assumes all of this wealth came from Wall Street Speculators and that these evil speculators would continue to speculate at his level even though 100% of their speculative profits would be taken from them as tax.

And what is going to happen to college 'tuition' when the government foots the bill? What will be the cost to taxpayers over the years ahead? Anyone remember the inflation years of the 1970s? That would be just the beginning.....

And what about those who have dutifully paid off their student debt? Do they get a refund?

The reason post secondary education has been so inflationary is because the Government is paying most of it with readily available loans to children. Yes, technically, for most states, age 18 and 19 are adults. But with respect to financial responsibility, they are children and spend borrowed dollars like children, with little understanding of what this means for their financial future. (we were all that way)

Bernie, my main man, you've always been a little bit crazy. But this proposal certifies you as bonafied crazy. You need a straight-jacket, a padded room and 50mg of Thorazine, along with many hours of psychiatric therapy, at least until you can stand at a microphone and use words that demonstrate some level of sanity.

https://www.nytimes.com/2019/06/24/us/politics/bernie-sander...

BruceM
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