Report: Kansas tax system puts higher burden on poor (statistics, Canada, crime)

[workingclasshero]

Originally Posted by Roadking2003

No loans should be illegal. Payday loans are a service and if they are priced too high, those companies will go out of business.

uhm..they DONT go out of business though...and they charge upwards of 30% to triple digit APR

payday loans

titlemax (sign your ownership of car over for cash)

pawnshops

all FEAST on the poor, and the ignorant

http://www.consumeraffairs.com/payda...lenders?page=2
a whole bunch of articles on payday loans and titlemax


here are the headlines from the link:

A car title loan is a good way to lose your wheels

New report shows one in six borrowers faces repossession
===================
Payday Lenders Move Online, Try to Bypass State Laws

States are largely powerless to stop them
================
Pew: two week payback time unrealistic for most payday loans

Study finds most borrowers can't repay the loan on time and have to borrow more
===================================
Consumers often trapped in debt by payday and deposit advance loans

A new study finds sustained use of these loans can lead to a 'cycle of indebtedness'

=================================
Servicemembers to get more protection from payday lenders

Examiners will be targeting Military Lending Act violations as they supervise lenders
===============================
Payday Loans: The road to continuing debt

Research shows most payday loans are rolled over or renewed
==========================
Fast Cash Loans Mean Long-Term Debt

Payday loans are tempting but quickly made a bad problem worse
=====================
Avoiding the Payday Loan Trap

Many consumers get caught because they don't understand how it works
=====================
Payday Lenders Fleece Consumers for $4.2 Billion A Year

Average Borrower Pays Back $793 For a $325 Loan



these are a few of the headline from the link

[Crossfire600]

Originally Posted by greywar

So if you buy stocks....is that a sale?

Houses?

Etc?

Once you start talking about a flat tax, if its everything...that might be interesting. But it turns out that when you get into the details the rich will suddenly start going on about exempting things that THEY spend money on...like buying stocks for example

1st home is only exempt. Capital gains stay taxable for everyone. Yes, that keeps regression.

[JimRom]

Originally Posted by freemkt

Interest and other financial intermediation fees would be taxed? If you think payday loans are bad now, wait until the fees and interest are astronomical.

That would be regressive as ****.

If you're getting payday loans, you're already paying a tax for financial stupidity. What's one more tax on top of a 650% APR?

[pknopp]

Originally Posted by JimRom

If you're getting payday loans, you're already paying a tax for financial stupidity. What's one more tax on top of a 650% APR?

It might be stupid but they are only harming themselves unlike the financial stupidity we have seen out of Wall Street.

Why shouldn't we bail them out of their Payday loans like we did Wall Street?

[JimRom]

Originally Posted by pknopp

It might be stupid but they are only harming themselves unlike the financial stupidity we have seen out of Wall Street.

Why shouldn't we bail them out of their Payday loans like we did Wall Street?

Well, we shouldn't have bailed Wall Street out in the first place. As the old saying goes, two wrongs don't make a right...

[Roadking2003]

Originally Posted by workingclasshero

uhm..they DONT go out of business though...and they charge upwards of 30% to triple digit APR

payday loans

titlemax (sign your ownership of car over for cash)

pawnshops

all FEAST on the poor, and the ignorant

If they are not deceptive or fraudulent, they should be legal regardless of the interest rate charged. We shouldn't outlaw everything we don't like or everything that we don't agree with. For some people, a payday loan is their best alternative. Tattoo artists and Fortune tellers feast on the ignorant and the poor. Should we outlaw tattoo artists and fortune tellers too? Of course not.

[Roadking2003]

Originally Posted by pknopp

It might be stupid but they are only harming themselves unlike the financial stupidity we have seen out of Wall Street.

Why shouldn't we bail them out of their Payday loans like we did Wall Street?

We shouldn't bail them out and we shouldn't bail out wall street.

[Roadking2003]

Originally Posted by JimRom

Well, we shouldn't have bailed Wall Street out in the first place. As the old saying goes, two wrongs don't make a right...

This is correct, but the Big Government advocates think that several government wrongs layered on top of each other eventually will make a right.

[turkey-head]

Originally Posted by Roadking2003

Then why can't anyone on this thread post some facts?

Sales taxes always have exemptions and therefore are highly progressive.

You're in conflict with pretty much every single credible economist on that point. As such, I think you're the one who will have to show proof if you want anybody to take your claim seriously.

[Roadking2003]

Originally Posted by turkey-head

You're in conflict with pretty much every single credible economist on that point. As such, I think you're the one who will have to show proof if you want anybody to take your claim seriously.

Nobody on this thread has posted any facts backing up their assumption that sales taxes are regressive.