Scott Brown Puts Wall St. ahead of Student … Again!

You just can’t read it any other way.

Scott Brown joins Republican filibuster of bill to prevent student loan interest rate hike

 david   |   Tue, May 8, 2012 2:33 PM EST

Scott Brown, who claims to want to prevent interest rates on student loans from doubling, today voted to filibuster a bill that would do just that.

His reason, presumably, is the one put forward by Republican leader Mitch McConnell: he doesn’t like how it’s paid for.  The payment method?

[Republicans] oppose the Senate Democrats’ proposal to pay for a one-year extension by changing tax law that currently allows some wealthy taxpayers to avoid paying Social Security and Medicare taxes by classifying their pay as dividends, not cash income…. Republicans have not always been so averse to closing the loophole the Senate bill addresses. In 2004, when it emerged that John Edwards had classified himself as a “subchapter S corporation” to pay himself dividends rather than income, conservatives blasted him for ducking payroll taxes.

In other words, if you’re rich and clever, you can cheat the Social Security and Medicare systems out of desperately-needed funds.  But, of course, IOKIYAR.

Thanks for nothing, Senator Brown.


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