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Just because it's not the poorEST to the wealthiEST doesn't mean it's not regressive.
It is--the recipients of the monetary handout are receiving it primarily from those who are poorer than them on average. The majority of people whose tax money will be paying this forgiveness, already have less wealth than those getting it.
These are objective facts.
Excluding the value of education from a calculation of net worth while including debt used to finance that education is like measuring a homeowner’s wealth by subtracting their mortgage but ignoring the value of the home itself. You’d find that homeowners were poorer than renters, and that people living in mansions were the poorest members of society.
That’s clearly wrong, yet advocates for debt forgiveness make the same mistake, arguing that recent college graduates with student debt have negative wealth and are thus worse off than otherwise similar Americans who have not gone to college. Consider that the median doctor graduating from medical school in 2017 or 2018 owed $171,000 in student debt, according to the College Scorecard, the median MBA owed $46,000, the median borrower with a BA in business $25,000, and the median AA degree holder in business $18,000. The implied conclusion is that doctors are the worst-off individuals, those with the two-year AA degrees are doing far better, and richest of all are those who never went to college.
The government does not spend its tax revenue depending on which class of people paid those particular dollars of tax. There is zero reason to think the distribution will be any different than anything else.
If the top 1% pays 45%, the middle class pays 40%, and the lower class 15% (random numbers, not themselves relevant to the point), then every single thing the government pays for, with tax money, is 45% funded by the 1%, 40% funded by the middle class, and 15% funded by the lower class.
Unless some provision is added that there will be a tax hike ONLY on those with more wealth than the recipients of the handout, that is the case.
And people who pay taxes and never went to college should absolutely NOT be on the hook for a penny of richER people's loans.
This is getting sad now. Constantly saying I'm "pretending" to have certain values like you know fucking anything, lmao. It must be a simple life indeed to never have to take on the mental burden of assessing people as individuals instead of members of your pre-built stereotype-driven collectives.
but why would taxes need to be increased at all? just change the account values.