Now the newest twist in the Student Loan Forgiveness program appears to be tax related. Based on recent internet articles I have read, at least 13 states and the federal government are considering taxing the "forgiven" amount as actual income. Based on where you fall on the tax regulations you could see tax levels at 25% of the amount or more.

I have not bothered doing any real research here since I managed to pay for college with only one student load of $500 and that was repaid prior to graduation. This could end up being a lot less of a debt "relief" than expected.

Nelson

quote Originally posted by hnthomps: Now the newest twist in the Student Loan Forgiveness program appears to be tax related. Based on recent internet articles I have read, at least 13 states and the federal government are considering taxing the "forgiven" amount as actual income. Based on where you fall on the tax regulations you could see tax levels at 25% of the amount or more. I have not bothered doing any real research here since I managed to pay for college with only one student load of $500 and that was repaid prior to graduation. This could end up being a lot less of a debt "relief" than expected. Nelson

Price tag is $500 billion. The largest department that spends the most money a year is Department of HHS, our infamous socialized healthcare system. They used to speed less than $500 a year prior to Covid, it's now $1.6 trillion because of Covid, but this Student bailout would have been largest spend in history.

NASA's budget is $25 billion for comparison.

Remember TARP? What we had to pay to bailout the banks to avoid global economic catastrophe? That was less than this Democratic Party cash giveaway to college graduates.

This is gross negligence.

quote Originally posted by hnthomps: Now the newest twist in the Student Loan Forgiveness program appears to be tax related. Based on recent internet articles I have read, at least 13 states and the federal government are considering taxing the "forgiven" amount as actual income. Based on where you fall on the tax regulations you could see tax levels at 25% of the amount or more. I have not bothered doing any real research here since I managed to pay for college with only one student load of $500 and that was repaid prior to graduation. This could end up being a lot less of a debt "relief" than expected. Nelson

Well, those 87,000 new agents need something to do besides clean their guns.

quote Originally posted by williegoat: Well, those 87,000 new agents need something to do besides clean their guns.

From the video's I've seen circulating....a super-soaker is too much gun for most of them. FUXS SAKES, put that thing down before you hurt yourself with it !!

And you guys are still forgetting what ground is being treaded on. IRS is a private corporation, just like Blackwater.

It is NOT a government agency (hence they are private and you have no rights). Your ****ed.

quote Originally posted by hnthomps: Now the newest twist in the Student Loan Forgiveness program appears to be tax related. Based on recent internet articles I have read, at least 13 states and the federal government are considering taxing the "forgiven" amount as actual income. Based on where you fall on the tax regulations you could see tax levels at 25% of the amount or more. This could end up being a lot less of a debt "relief" than expected. Nelson

quote Originally posted by slicknick: Meh, my nut swinging MAGA boss scammed 50k in PPP loans, righties gonna right, right!?

That's your opinion, and one side of the story.

quote Originally posted by slicknick: I paid my student loans down but I’m ok with forgiveness. However, the culture of college needs to change any they need to tighten their belts a lot. It can’t just be the loan forgiveness.

Why are you ok with forgiveness ? Are you a Socialist ? How 'bouts we just give all college entrants 10k ? Why just 10k ? Should we give all the new plumbers 10k also, so they can take out a loan on the tools they need, including a vehicle ?

I can see why you are ok with the loan forgiveness wealth transfer. You have 'paid down' your loan but have not paid it off.

Loan re-******* made a choice to take out a loan. The White House, in defense of this vote buying scheme, says in will better your chances of buying a home. They did not pay for their school loan and we should trust them to pay ... overpay, for a home, . Not everyone need to go to many of the schools they go to. A Master's Degree is a Master's Degree, no matter where it came from !

Do you even know why these loan reniggers got loans in the first place ? Have you seen some of the courses these loan reniggers took ? Do you not realize that half of the dead beat graduates, from "college", only flip burgers, or otherwise do not make more money than just only a high school graduate does ? Do you not realize that many college candidates do not even have the rudimentary educational ability to benefit from college. Many have to take remedial classes to even be able to use a "college" education.

In my case, I did not graduate high school. I am doing damn good. Perhaps not as good as many, but I am elderly, on a fixed income, flat out own two properties, have no debt and have never defaulted on a loan. I do not worry about money. Only my Wife, who likes to spend money. (I try to spend it up so she can not, .)

quote Originally posted by slicknick: All of this seemed to shake down in the early 2000s. Seemed like every rinky dink college was a university. It was a lost cause after that.

Yeah, you are right. You know why ? Government was buying votes by guaranteeing to the colleges, college loans. That made colleges and universities jack up tuition.

If you remember, the same thing happened to housing bubble which crashed the economy in the late 1990's.

Do you not realize that the dead beat college loan receipients ... depend on those that, for what ever reason, could not go to college pay for their loans ? That the people who struggled to pay off their loans have to pay for those that won't ?

A related thread you may not have heard. Did You Really Think That Brandon's $10,000 Loan Forgiveness Was Going To Be Limited To $10,000 Dollars per student ?

Unbelievable

Also, recently in the news ...

Vice President Kamala Harris urged students Tuesday to take advantage of a new program that wipes out up to $20,000 in college loan debt.

"You needn't have graduated to apply for the debt relief. So, please help me get the word out," Harris said.

Now it is $20,000.⁰⁰, ?

Loan renegers. The preferred spelling. Those alternate spellings are not good. Unless someone's in the habit of going around in a white robe and pointy white hat of certain renown. And that wouldn't be good.

[This message has been edited by rinselberg (edited 09-22-2022).]