Tax Law

[Whispered]

At the time the constitution was written no one would have perceived that anyone would become a career politician because in reality at that time it was a part time gig. Congressmen and Senators would only be in Washington for a few days to a couple of weeks at a time to take care of the country's business and then they returned home to tend their farms or businesses. At that time what compensation they received was little more than what they would have to pay out of pocket for travel expenses and room and board while in Washington.

Originally Senators and Congressmen were compensated $6 for every day they were in Washington. I was curious so I did a little digging around to see what that would equate to today. Roughly it would equate to about $150 dollars a day today in other words, less than $20 an hour.

One would think they would have had the foresight to realize the drug of power can have an overwhelming affect on some. And in light of experience with a monarchy especially would have the forethought to presuppose the likelihood of a career political reign, sort of speak. But shoulda's don't matter in the land of what's real history. Sadly. If we could go back... Oh, what fun.

Actually the presidential term limit was not codified until the 22nd Amendment was passed and ratified by the states in 1951. Prior to then it was purely tradition that originated with George Washington refusing the nomination to a third term and that tradition was only crossed once by FDR who was the only President to serve a third term.

That's all true. However, what I stated is too.
George Washington set the standard on term limits

 

[Nehemiah6]

The topic is what are the Dems holding back with the promise of forgiven loans....

They are holding back the fact that whatever they say are LIES, and if you believe them then that's not their fault.

 

[Lightskin]

It’s funny how Democrats give chump change to people “in need”. Democrats give just enough to make people happy and want to vote for them. If Democrats truly cared about people they would cut everyone “in need” a $1 million check so people can buy a home, invest in a business and further their education. But if all that were to happen no one would need Democrats and they would go by the way of the dinosaur.

 

[SpoonJuly]

Is there anything wrong with having a debt forgiven? Or a debt lessened as to the true initial amount owed lessened to a more affordable debt?
If you have a mortgage and come into big money, you can call your mortgage lender and ask them the close out amount of your debt that day. This will be a substantially less amount owed than what your loan statement said during the last monthly report.
Are you not suppose to pay that lesser amount when the mortgage holder informs you that is what is owed at that point of your call?

To my understanding if you pay a mortgage off early the only savings is in the interest not a reduced principle.
I just do not understand how a person can have a student loan debt of $100,000. WHY???
I believe if a person borrows money for any reason, that person should pay back every cent. To pay any less is to cheat the person that made the loan.
I have been on the losing end of loans I gave to others far to many times.

 

[Billyd]

If you borrow money, and repay it you have realized no net gain, you have no income from the loan. If you borrow money, and the lender forgives a portion of that debt, you now have income from the loan. If the lender reduces the interest that he charges you for the loan, there is no gain in your income.

Otherwise, your employer could loan you the amount of your paycheck, instead of paying you. If he set the term of the loan for a year or more, and require you to repay it, plus interest at the end if the loan. He could then forgive your loan before it matured, and you would have tax free income.

I too believe that a Christian must repay every cent that he borrows.

 

[Whispered]

To my understanding if you pay a mortgage off early the only savings is in the interest not a reduced principle.
I just do not understand how a person can have a student loan debt of $100,000. WHY???
I believe if a person borrows money for any reason, that person should pay back every cent. To pay any less is to cheat the person that made the loan.
I have been on the losing end of loans I gave to others far to many times.

I certainly do not have the loan paperwork of the brother to whom I had addressed my prior remarks, however, student loans vary in terms and conditions. One would have to read the contract, know the institution that issued the loan , so as to arrive at a fair conclusion of the matter I would think.

I don't loan people money anymore. I loaned someone quite a sum many years ago. I always get a contract of debt owing for such things. They paid me back before I had to go to court over the outstanding balance.