Posted on 08/29/2022 12:32:24 PM PDT by knighthawk
they can always turn it down...
Nobody has put a loaded gun on their head, telling them to take the loan.
they can always turn it down...
The left will say those tax increases are justified since they live in red states
FJB!
they have to apply if they want it so...
Did anyone actually think his $10K would NOT be taxable? I’m wondering what taking their money is going to do to their credit scores.
Many people here assume that any tax burden imposed on student loan forgiveness will be applied in a single tax year. There is precedent, though, to spread the burden out over some number of years. That will require the Legislature of the several states that impose income taxes to create such a scheme to spread the pain.
Remember, in most cases the student loan money has already been spent, so additional tax payments would have to come out of current income. It’s not like certain other payments, where the payer does federal withholding.
The story is by no means over.
Debt forgiveness is, in fact, income for income tax purposes and income tax must be paid for it.
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