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13 States Might Tax Forgiven Student Loans;
See If Yours Is Among Them

Original Article

Posted By: earlybird, 8/27/2022 5:27:01 PM

President Joe Biden’s student loan forgiveness program has sparked a flurry of questions, including its impact on inflation and whether it’s fair to saddle some taxpayers with the burden of paying off others’ debts.(snip)Taxpayers will absorb up to $10,000 in outstanding student debt for individual borrowers earning less than $125,000 per year or $250,000 for married joint filers under Biden’s plan, with the amount forgiven doubling to $20,000 for Pell Grant recipients. While the debt wipeout is free of federal taxes, some states have laws that treat the canceled debt as taxable income,

Comments:

Did I miss congressional votes on this?

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Reply 1 - Posted by: edgar 8/27/2022 5:33:05 PM (No. 1261038)
If Biden, as president, does not have the authority to do this, why are we not talking about challenging the action rather than talking about accepting the action?
28 people like this.

Reply 2 - Posted by: wilarrbie 8/27/2022 5:45:24 PM (No. 1261042)
Maybe the FBI could look into the missing Republican testicles. Where oh where can they be?
16 people like this.

Reply 3 - Posted by: bogeegolf 8/27/2022 5:58:26 PM (No. 1261046)
If it is ok for Biden to do this could a future President give all the adults that don’t qualify for this giveaway $50,000.00?
5 people like this.

Reply 4 - Posted by: Illinois Mom 8/27/2022 6:19:44 PM (No. 1261061)
Heaven forbid it would be taxable. I read one FB post on this and I'm lucky I didn't have a stroke. Oh, the sob stories on how HARD it is to payback these loans. "School costs so much more than when YOU were in school," and my favorite..."If you worked and struggled so hard to pay for school, how can you deny loan forgiveness to others? Do you want to see them struggle too?" From Biden, Harris, his really stupid Cabinet Secretaries, the entire DOJ and Democrats everywhere, all I can say is, and I really don't swear, ever, but this whole country has gone B@tshite crazy.
9 people like this.

Reply 5 - Posted by: FLCracker 8/27/2022 8:32:35 PM (No. 1261132)
I never had any student loan debt. My education was paid for by my uncle -- Uncle Sam, that is, as in the GI Bill.
6 people like this.

Reply 6 - Posted by: mifla 8/28/2022 5:40:36 AM (No. 1261308)
States should modify their tax laws to tax these loans at 110%.
2 people like this.

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