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As someone whose partner is bogged by student debt — unable to find a job in their industry due to the recession — this is such a relief. Those arguing this is a debt transfer, have some sympathy. Things are difficult out there, especially for new grads in this economic environment.
There is no such thing as forgiveness for loans - its always paid by someone. This is, in essence, transferring the debt from people who graduated college to people who - on average - did not go to college. The most regressive invisible tax hike we have ever had but sure. . . yay.
Is this so different from the PPP loans that were forgiven?
There is no such thing as forgiveness for loans - its always paid by someone. This is, in essence, transferring the debt from people who graduated college to people who - on average - did not go to college. The most regressive invisible tax hike we have ever had but sure. . . yay.
Heaven forbid a country invest in the education of its people. What a terrible no good idea, we should definitely be putting that money into pumping business or other interests.
We collectively invest in a large number of things that may not directly benefit us. My tax dollars fund programs that primarily benefit people that need the money due to choices I personally never would have made.
But that’s the point of a social system.
The moment that collective investment is about education or healthcare, people seem to apply an entirely different ruleset.
There is no such thing as forgiveness for loans - its always paid by someone. This is, in essence, transferring the debt from people who graduated college to people who - on average - did not go to college. The most regressive invisible tax hike we have ever had but sure. . . yay.
There are tax implications to debt forgiveness in some states, unless those states change their laws, so be careful about rushing to file. The filing deadline is not until Dec. 31, 2023. https://taxfoundation.org/student-loan-debt-cancelation-tax-...
There is no such thing as forgiveness for loans - its always paid by someone. This is, in essence, transferring the debt from people who graduated college to people who - on average - did not go to college. The most regressive invisible tax hike we have ever had but sure. . . yay.
Is this so different from the PPP loans that were forgiven?
Earlier quoted context omitted.
And yet we forgave PPP loans which was $742 billion forgiven vs $400 billion for student loan forgiveness. This is, in essence, transferring the debt from people who own businesses to people who - on average - do not own businesses. The _actual_ most regressive invisible tax hike we have ever had but sure. . . yay.
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There are tax implications to debt forgiveness in some states, unless those states change their laws, so be careful about rushing to file. The filing deadline is not until Dec. 31, 2023. https://taxfoundation.org/student-loan-debt-cancelation-tax-...
In what cases would it be better to not take the forgiveness to avoid the taxes? Would you not take the forgiveness and borrow to pay the taxes if you had to? You’re coming out ahead regardless.
One of the worst decisions by the current administration. This a ridiculous debt transfer.
I am probably going to get 10K forgiven. Unshackling people from debt is awesome. Hopefully they figure out how to do this regularly. Sucks if you don't like it! Hopefully I can redirect the money to more fruitful enterprises... like anything else. The massive increase in college tuition is totally out of proportion based on wage growth and honestly it's not healthy for the middle class to be forced into an infinite…
While this is better than nothing, I would rather have my tax dollars paid for free higher education with oversight on the quality of the education and how the money is used. Blanket forgiveness would encourage bad actors from offering useless degrees at high cost imo
Do you think that isn't already happening?