Biden to Announce Student Loan Forgiveness

[komobu]

On the surface, what @PurpnGold is saying as far as his property tax is probably correct.

In the 80s I believe they enacted Prop 13 if I remember correctly. That proposition stated that you would pay taxes on the purchase price of the property and not it’s assessed value. It was great for homeowners who would not be moving. Say in 1985, you bought a 3br rancher in LA for 50k. Today you would still be paying property taxes on the 50k purchase. If you sell that house today for 900k, and move across town and buy the exact same house at todays value of 900k, you now start paying property taxes on 900k. As a result, many people in California cant afford to move, unless they move out of state. So I am guessing he got his house a long time ago.

[WuWei]

In 1985?

[komobu]

@WuWei

In 1985?

I was just speaking to the concept. My uncle bought a really nice house in Sacramento in '72. He loved prop 13!

[PurpnGold]

@komobu

On the surface, what @PurpnGold is saying as far as his property tax is probably correct.

In the 80s I believe they enacted Prop 13 if I remember correctly. That proposition stated that you would pay taxes on the purchase price of the property and not it’s assessed value. It was great for homeowners who would not be moving. Say in 1985, you bought a 3br rancher in LA for 50k. Today you would still be paying property taxes on the 50k purchase. If you sell that house today for 900k, and move across town and buy the exact same house at todays value of 900k, you now start paying property taxes on 900k. As a result, many people in California cant afford to move, unless they move out of state. So I am guessing he got his house a long time ago.

Nah, I did not buy that long ago. I pay .77% property taxes.

[WuWei]

https://thehill.com/blogs/blog-briefing-room/news/3615639-biden-student-loan-plan-has-black-borrowers-clamoring-for-more/

When Alford graduated with his Bachelor of Arts in political science with a minor in Black studies, he was around $50,000 in debt.

Now, at 30, with his Master of Science in adult and higher education, that number is closer to $120,000.

Emphasis mine.

Never satisfied.

Black student loan borrowers hold the most debt out of any other racial group. An April report by PBS NewsHour found that, among 2016 graduates, nearly 40 percent of Black students graduated college with $30,000 or more in debt compared to only 29 percent of white students, 23 percent of Hispanic students and 18 percent of Asian students.

It’s all starting to make sense now…

[WuWei]

@PurpnGold

.77%

Of what?

[PurpnGold]

@WuWei

@PurpnGold

.77%

Of what?

Of any amount I choose to buy at. Same as Texas.

[WuWei]

@PurpnGold

@WuWei

@PurpnGold

.77%

Of what?

Of any amount I choose to buy at. Same as Texas.

The purchase price?

[PurpnGold]

@WuWei

@PurpnGold

@WuWei

@PurpnGold

.77%

Of what?

Of any amount I choose to buy at. Same as Texas.

The purchase price?

Yep. I can purchase a 300k home at that rate or a 1.5 million at that rate. All depends on my needs and where I buy.

[WuWei]

[WuWei]

@PurpnGold

@WuWei

@PurpnGold

@WuWei

@PurpnGold

.77%

Of what?

Of any amount I choose to buy at. Same as Texas.

The purchase price?

Yep. I can purchase a 300k home at that rate or a 1.5 million at that rate. All depends on my needs and where I buy.

Your paying property taxes on the purchase price not the assessed value? Your property taxes never go up unless the rate does?

[WuWei]

My mortgage self-identifies as a student loan.

[conan]

You do know many of us were against this.

[bigtwnvin]

@WuWei

It’s all starting to make sense now…

This read was informative also
https://credit.org/blog/can-you-use-student-loans-for-anything/

If PPP didn’t catch anyones attention about the waste, fraud and abuse associated with goobermint disbursements. The Department of Education (that doesn’t educate anyone), has a hotline for reporting student loan fraud?

[bigtwnvin]

We’ve been discussing getting the wife an EV. Price tag around $70k. Yes yes the goobermint will get us a $7.5k rebate? LOL, funny the price of the EV just went up $7.5k? So I’m thinking the car loan can be considered a “student loan”? Maybe we get the whole thing cancelled?

[zantax]

Could have solved homelessness for less then this cost. I guess they don’t vote though so to heck with them. And please Dems, never again pretend to be the party of the poor and downtrodden.

[BraveGear]

[BraveGear]

@bigtwnvin

So I’m thinking the car loan can be considered a “student loan”? Maybe we get the whole thing cancelled?

Think of it as a “Trans” car loan that identifies as a Student Loan.

[Guvnah]

@WuWei

My mortgage self-identifies as a student loan.

So do my taxes.

[Guvnah]

@bigtwnvin

So I’m thinking the car loan can be considered a “student loan”?

Maybe if you teach her to drive in the EV.