• breetai@lemmy.world
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    6 months ago

    Exclude students loans and anything tied to an asset. These are unique loans only offered to the super wealthy or since there are equity based loans, just tax equity based loans

      • breetai@lemmy.world
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        6 months ago

        No.

        That rich get loans that basically last their lifetime. They are income replacement. They are not tied to home, a car, etc.

        They are just avoiding taxes.

        I don’t blame them. It’s smart.

        It’s why politicians need to eliminate it.

        • acockworkorange@mander.xyz
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          6 months ago

          And it’s tied to an asset. Stocks, real estate, something. That’s how loans work. The bank doesn’t just hand you money just for an IOU. It needs something to hold you accountable.

          • breetai@lemmy.world
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            6 months ago

            No it’s not. They are not buying an asset with. It’s sometimes back with with an asset as collateral but it’s not tied to an asset. The loan isn’t taken out to buy a home. It’s taken out as living expenses.

            It’s why a consumption tax would fuck the rich.

            • acockworkorange@mander.xyz
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              6 months ago

              Oh, you mean as the destination of the money. But I wouldn’t be too quick to use this as criteria. Lots of people use loans like that because they get poor. Think HELOC, reverse mortgages,… Having a minimum value below which you are exempt seems much better.

              • breetai@lemmy.world
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                6 months ago

                I didn’t exclude that from my comment.

                One of the differences is with a heloc you have to make payments. The loans Elon gets for example don’t have payments.

                They can live this way for years.

                I’m not opposed to rich people. I’m opposed to gaming the system.