Topic: Biden just canceled student loan debt for those that attended private religious colleges
Anonymous A started this discussion 3 years ago#104,428
Everyone that got their debt canceled has to report the amount as income on their 2022 tax return. Looks like a lot of people have insolvency in their near future. So much for helping the poor lol
Anonymous E joined in and replied with this 3 years ago, 24 seconds later, 1 hour after the original post[^][v]#1,175,898
@1,175,895 (Dead !Pool..v42s)
but he's now setting up to cancel more student loan debt, this was a first salvo. This is going to be regressive as fuck, just watch
Anonymous A (OP) replied with this 3 years ago, 13 minutes later, 2 hours after the original post[^][v]#1,175,906
@previous (Dead !Pool..v42s) @1,175,898 (E)
Now they all have to pay the IRS as if they had made all the debt that was forgiven as income in one year. So many are going to be taxed in very high tax brackets. The poorer you are, the more debt you likely had, and the more you will be taxed. It's almost like both the red and blue parties are regressive and America doesn't even have a liberal or leftest political party.
Anonymous A (OP) replied with this 3 years ago, 4 minutes later, 3 hours after the original post[^][v]#1,175,932
@previous (Dead !Pool..v42s) @1,175,929 (Dead !Pool..v42s)
Didn't go through. Another article I read says he "plans" to change the tax implications. We'll see if this comes to pass. Although I suspect it will be just like his views on drug policy: give a few weak promises then appoint someone who has spent her entire career putting black men in prison for non-violent drug offenses.
Meta !Sober//iZs joined in and replied with this 3 years ago, 3 minutes later, 3 hours after the original post[^][v]#1,175,935
@1,175,906 (A)
You're still much better off having the debt cancelled and paying income tax on the written off debt than paying the debt.
The highest tax bracket is 37% (this is federal, I couldn't tell you about state income taxes). So the absolute worst case scenario is you have to "repay" 37% of your loans to the IRS. Also the IRS can set you up with a monthly payment plan if you ask, so you don't even need to cough up all the money at once.
Anonymous A (OP) replied with this 3 years ago, 11 minutes later, 3 hours after the original post[^][v]#1,175,940
@1,175,935 (Meta !Sober//iZs)
It depends on the situation. Some people can get on an income based repayment plan and pay the minimum required (which can be $0 depending on your income). Effectively, for many, this means they never have to pay the loan. So slamming them with tens of thousands of dollars that, unlike the federal loans, they WILL have to pay off in entirety and for which there aren't $0/year "repayment" plans, is no improvement to their lives in any sense.
Anonymous A (OP) double-posted this 3 years ago, 2 minutes later, 3 hours after the original post[^][v]#1,175,941
@1,175,936 (Kook !!rcSrAtaAC)
It's so funny how so many people are willing to defend him and deny something that's as plain as day.
It was just like how so many people on the other side jumped to defend Trump despite his many flaws, and also, incidentally, questionable mental status.
I think either party could prop up a literal dead man and we'd get the pleasure of hearing all sorts of creative arguments about how the candidate isn't dead but merely sleeping.