Benedict JoeBama Boomerang: Thirteen States May Tax Canceled Student Loans!

[Reagan]

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[CardinalBacker]

The IRS should also show the canceled loans as income, but I'm sure that they'll do the same as they did when they decided after-the-fact to make Covid Unemployment payments exempt from taxation. 

[Big girl]

States can't do it. The federal government  is in charge of school loans.

[BS Wildcats]

7 hours ago, Big girl said:

States can't do it. The federal government  is in charge of school loans.

biden can’t, legally, forgive student loan debt, but he did it!  It is income, so why can’t states, with an income tax, not tax it?

 

 

[Big girl]

22 hours ago, BS Wildcats said:

biden can’t, legally, forgive student loan debt, but he did it!  It is income, so why can’t states, with an income tax, not tax it?

 

 

It is not illegal 

[BS Wildcats]

1 hour ago, Big girl said:

It is not illegal 

Said so by Democrat members of the House and Senate.  Ask them!  

[baddog]

14 hours ago, Big girl said:

It is not illegal 

Even Pelosi said this. Who do you believe? Carrot dangling in front of face?

[BS Wildcats]

7 hours ago, baddog said:

Even Pelosi said this. Who do you believe? Carrot dangling in front of face?

Idoit

[BS Wildcats]

7 hours ago, baddog said:

Even Pelosi said this. Who do you believe? Carrot dangling in front of face?

She might believe herself

[baddog]

15 hours ago, BS Wildcats said:

She might believe herself

I’d bet the house she believed Crystal Mangum

[Reagan]

From the article:  "Manchin joins Democrats slamming Biden's student loan plan: Senator criticizes 'excessive' student loan forgiveness that could cost up to $1trillion and says borrowers should have to EARN their debt relief!"   People should have to EARN something?!  What a interesting approach!  Which, no doubt, will go over some heads!

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[LumRaiderFan]

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Sad that we have a country with so many deadbeats.

From the article:

JACKSON, Miss. – Student loan borrowers across the country could soon see up to $20,000 of their student loan debt forgiven in the massive handout announced by President Biden – but it still may come at a cost. 

State tax may be charged on student loan handout funds. The tax laws vary from state to state. 

Former Mississippi State college student Dee Stegall said he recently found out he qualified to have $20,000 of his student loans forgiven.

"I was very relieved to hear that that relief was coming from the federal government," Stegall said.  

But, he said that relief didn’t last. 

"Within 24 hours, those feelings get complicated, because then you realize that depending on what state you're in – Mississippi – you could potentially be paying taxes on that," Stegall said. 

Steve Rhode, a consumer debt expert, explained why student loan handout money can be taxed. 

"Forgiven debt is taxed on your income tax return like its money that you earned," Rhode said.