And the tax bill on the imputed income won’t show up until AFTER the election.
The Dims will pretend to make a law to not tax the debt payoff as income, then pretend the Republicans blocked it, so the sheep who have worthless degrees and vote Dim anyway will still blame Republicans for it.
Ding ding ding
Forgiven debt is taxable.
Full employment for the IRS.
They don’t “forgive” debt.
A lot of crap will show up right after the elections.
Thanks for mentioning taxes.
To begin with, Trump's red tsunami of patriot supporters need to start working with Trump-endorsed candidates ASAP to move tax day to the day before election day.
Next, the Supreme Court has clarified that Congress's very limited powers prohibit Congress from appropriating revenues in the name of state power issues.
"Congress is not empowered to tax for those purposes which are within the exclusive province of the States." —Justice John Marshall, Gibbons v. Ogden, 1824.
Next, here is clarification by respected constitutional experts that INTRAstate education is uniquely a state power issue, not the business of the feds.
First, President Thomas Jefferson, in a State of the Union address, had used education as an example of things that the states would first need to appropriately amend the Constitution for before Congress could dictate, regulate, tax and spend for, smoothing that the states have never done.
“The great mass of the articles on which impost is paid is foreign luxuries, purchased by those only who are rich enough to afford themselves the use of them. Their patriotism would certainly prefer its continuance and application to the great purposes of the public education, roads, rivers, canals, and such other objects of public improvement as it may be thought proper to add to the constitutional enumeration of federal powers [emphasis added].” —Thomas Jefferson: 6th Annual Message, 1806." (Jefferson is indicating that Congress cannot tax and spend in the name of intrastate infrastructure imo.)
Justice Joseph Story later reflected on Jefferson's words that intrastate education is off limits to Congress.
"The power to regulate manufactures is no more confided to congress, than the power to interfere with the systems of education, the poor laws, or the road laws of the states [emphasis added]." —Justice Joseph Story, Commentaries on the Constitution 2, 1833.
And one reason that Biden is being front-ended regarding canceling unconstitutional student loan debt is because Democratic-pirated Congress is already taking heat from Trump's red tsunami of patriot supporter for blatantly unconstitutional, election year taxing and spending imo.
The bottom line is that the states desperately need to get rid of the unconstitutional middleman, the unconstitutionally big federal government, from “helping” the states to manage their revenues.
More specifically, Trump's red tsunami of patriot supporters need to start supporting Trump-endorsed state lawmaking candidates ASAP to do the following.
Trump-endorsed candidates need to stop unconstitutional federal taxes and unconstitutional interference in the affairs of the sovereign states by leading ALL the states to effectively "secede" from the unconstitutionally big federal government by repealing the 16th (direct taxes) and 17th (popular vote for federal senators) Amendments (16&17A).
Once 16&17A are gone, unconstitutional federal taxes permanently stopped, each state will ultimately find a tsunami of new revenues (imo) that can be used to increase teacher salaries, also salaries of police and fire departments for starters.
Let's also include new state funding for infrastructure maintenance in that list. Undoubtedly many other state social spending programs as well to replace former unconstitutional federal spending programs.
Additionally, no more forced compliance with Democratic politically correct and unconstitutional federal gender-related civil rights protections in order for school kids to eat likewise unconstitutional federal lunches paid for with stolen state revenues for example.
In fact, Justice Louis Brandeis had seemingly reflected on Bingham's words (above) when Brandeis volunteered his "laboratories of democracy" metaphor to emphasize the unique power of the states to serve the people, ultimately depending on the kind of state social spending programs that the legal majority citizen voters of a given state want.
"[...] a single courageous State may, if its citizens choose, serve as a laboratory; and try novel social and economic experiments without risk to the rest of the country." —Justice Louis Brandeis, Laboratories of Democracy.
Corrections, insights welcome.
Per WSJ:
Is my debt forgiveness tax-exempt?Debt forgiveness is often treated as income on taxes. But
fortunately for borrowers, this canceled student debt is
federally tax-exempt, as seen in other federal student debt
forgiveness programs.What if I’ve already paid off my loans?
As of the end of last year, fewer than 1.2% of borrowers
continued making payments on their student loans, Mr. Kantrowitz
said. But some of the borrowers who did took advantage of the
two-plus years of optional, interest-free payments to wipe out
their debt entirely.This measure won’t apply to balances that have already been
paid off.