Reply #15: Understand ... [View All]

[JoePhilly]

I think if you raised the floor in my model ... those not effected by the cap get an immediate benefit. All of them.

Raising the CAP gets (politically) more complicated for sure. On principle, I think we need to remove it altogether.

But, there is a group in the 100k to 500k or so income that are not "old money", they are not wealthy ... the old money folks don't care at all, but those who grew up poor or lower middle class ended up with HUGE loans for college and now have higher saleries need some time.

I used to be one of them.

I was a poor kid, did great in school, and then had to take huge loans to go to college. Which put me in a HUGE hole. It took me more than a decade to pay that off. And then I started to save some money so I can send my kids to college with no debt. That is all I really want to do. And I've reached a point where if the CAP disappeared, I should be fine. So, on one level sure, remove it.

But ... I want EVERY kid to be able to do what I did and NOT have all that debt to pay off. And then have to repeat the process with their kids,. And there are still lots of families who are trying to navigate that space.

So, while it would not hurt me to remove the cap in one step, I think there are some who need it to be somewhat "gradual", so they can get their kids set, and over time (less than 10 years), make it go away.