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Tax Credit, Free College And Other Proposals That Could Affect Your Wallet

Tax Credit, Free College And Other Proposals That Could Affect Your Wallet

The following are about seven proposals that have been passed that could increase your possible income in the next year

  1. PROPOSAL: CAP CREDIT CARD INTEREST RATE AT 15%
    Some members of the Legislative in the Unites State have made an announcement in a live streamed press conference there plans to cap interest rate om consumer loans and credit cards, a motion they term the loan shark prevention act, which is aim to cap interest rates at about 15%. Currently there is no any federal limit on how high the interest rate can go. An analysis by Nerdwallet, shows that about 1 in 11 americans who have credit card debt, doesn’t think they could ever be free from it totally.

2. PROPOSAL: FORGIVE ALL STUDENT LOAN DEBT.
In America, the total student loan debt have risen to about $1.5 trillion which have become a major issue with in the country.
But alot of proposals have been made to find a profound solution to the student loan debt issue.
And one of the major and important thing is to make the tuition fees of colleges free, so that there won’t be any need for the students apply for any form of loan with the aim of paying fee.
And also proposals have been made to also find a way to forgive existing debts. And for an household with an annual income of less than $100,000 annual income, $50,000 should be eliminated in there student loan debt and for those with annual income of between $100,000 and $250,000 should be provided with a form of relieve materials.PROPOSAL: ENCOURAGE MORE RETIREMENT SAVINGS
Bills that have that talks extensively on a change in retirement plans in more than 10years with in private sectors have been proposed and they call it a Secure Act, Thus this secure act includes a provision small businesses that enhances small business to provide a form of retirement benefit for it workers, it also makes provision for even part time workers. It creates about $500 for tax credits for various businesses that set up numerous plans for auto enrollment programs and other many benefits as well. This act have received a wide range of supoort and it expected to be pass into law soonest.

3. PROPOSAL: MAKE RENTS MORE AFFORDABLE
Rents have always been increasing progressively in America for a very long time now, infact it have been estimated around 2015, that about 38 percent of the people who rent house in America spend over one third of there entire income on rent and this is the mean reason bills to make house rent more affordable have been sponsored. The bill is design such that, tax credits will be provided for those who soent more than 30 percent of there income on rent and also changing zoning policies that made available high number of affordable houses and reduces any form of house discrimination. And also, we have the rent relief act, that makes provison a refundable tax credit on those people who earn less than $100,000 annual income and still yet spend over 30 percent of the oncome on utility and rents.

4. PROPOSAL: MAKE RENTS MORE AFFORDABLE
Rents have always been increasing progressively in America for a very long time now, infact it have been estimated around 2015, that about 38 percent of the people who rent house in America spend over one third of there entire income on rent and this is the mean reason bills to make house rent more affordable have been sponsored. The bill is design such that, tax credits will be provided for those who soent more than 30 percent of there income on rent and also changing zoning policies that made available high number of affordable houses and reduces any form of house discrimination. And also, we have the rent relief act, that makes provison a refundable tax credit on those people who earn less than $100,000 annual income and still yet spend over 30 percent of the oncome on utility and rents.

5. PROPOSAL: MOVE CLOSER TO UNIVERSAL BASIC INCOME
In the course to keep helping renters or house tenants who pay so much to retain there apartment, Bookers and Harris have also in there own effort also pushed proposals that could directly or indirectly provide alot of financial supports to the many middle class in the United State. The bill, “Lift the middle class act” is aim to provide tax credit of $500 a month which is equivalent to $6000 annually. And also “baby bond” which is another way to close the gaps between the rich and the poor with in the society and citizens of America.

6. PROPOSAL: LOOSEN PAYDAY LOAN REQUIREMENT
The fee that comes with payday loans are usually very high, infact they are as high as 300 percent and most consumers who borrow it are always being trapped inside debt. A form of different solutions have been made, part of it is the plans to undo the requirements that leaders must first determine whether a borrower have what it takes to pay back before approving them for loans because all those conditions make it difficult for consumers to actually assess loans.

7. KILL THE PUBLIC SERVICE LOAN FORGIVENESS PROGRAMS
This public loan forgiveness service was established in 2007 as a form of means for students loan borrowers to have there debt forgiven, after making 120 payment working for a qualifying employer in the public sector. This particular program was established over a decade ago, which means that those first round of 120 qualifying payment can eventually have there own debts foegiven totally. And for borrower to be forgiven they most apply for it to know if they have qualify for it.
Less than 1 percent public service loan forgiveness application have been approves so far and whether or not the U.S. President cut of the program, the borrowers should know that there may be other ways in which they can eventually canceled there debts.

Originally Published by:- huffpost.com

Image credit:- macleans.ca

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