Waaaaaaaaaaay back in the day, during the savings and loan crisis, attorneys came up with a great idea: give the property back to the bank with "a deed in lieu of foreclosure". The bank received the property, without having to go through the time and expense of a foreclosure and the auctioning of the property, which at the time would result in the bank buying the property for less than the mortgage anyway. The borrower had the mortgage wiped out. Worked great until .................the IRS got involved and sent people a tax bill based on how much of the loan had been forgiven. That amount, under the law, is considered income and thus taxable, because all legal and illegal income is taxable under the law. All those new IRS agents will make short work of every borrower who fails to pay taxes on the student loans forgiven. If you pay it back, it's a loan. If the loan is forgiven, its income. Of course, someone else will be President when this happens and the dishonest lamestream media has failed to report on this. Just another day in progressive hell, where lying and cheating is de riguer,
^ Truth, disregarded by a woman beating, manipulating, lying, drug addicting, thieving "pimp" who talks about supporting revolutions but won't pick up a rifle and is hated by everyone here for generally being a shithead.
No different than any other loan or even credit card. If a creditor forgives all or part of any debt it becomes taxable income.
In my job I have to deal with irate people who settled their debt with us the year before. They same to think that we sent them a 1099-C out of spite because they settled the debt. I always have to explain to them that any debt cancelation/forgiveness over $600 has to be reported to the IRS through a 1099-C.
Student loan forgiveness will be treated the same way unless Congress passes a law changing the tax code to make it exempt from taxation. (Assuming the courts don't strike down Biden's executive order before it happens)
I can't wait to see people that get the $20k of forgiveness because they had Pell grants come tax time. Some of them that are used to getting $2500 refunds from their Earned Income Tax Credit are instead going to owe the IRS almost $2500 because of the nearly $5k of taxes on that $20k loan forgiveness.
How do the business grants work are they still considered income? Like government business grants.
Also student loan being forgiven means if you had 50k in loans forgiven yoill have to treat that as income so basically have to still pay about 10k in taxes?
How soon do you have to pay the taxes due on that 50k?
People could struggle to pay those taxes if they for example had 30 years to pay 50k off but now have to pay 10k taxes within the next year
I think some of you are unaware of a little gem nestled into the American Rescue Plan which makes student loan forgiveness tax free until 2025. So long as the loans are federally insured (which almost all are) and forgiven prior to the 2025 tax year, they savings do not count as taxable income at the federal level.
The state level is another matter. Some states have moved to pass mirror waivers, but others have not. But even if you are in a state which taxes it, the amount owed to the state will be a pittance compared to what would have been due to the IRS.
Mark94, I think there is a good chance it gets struck down if they can find anyone with good standing to sue but it will be tricky to find anyone with standing to bring the suit.
They need to find someone who is harmed by these loans being forgiven and that is proving tricky to find since a taxpayer doesn't have standing to sue over wasting tax money on something like this. Aboutthe only potential plaintiffs that people can agree have standing are the US Senate and House of Representatives. That would take a majority vote by one of them to bring the suit and since democrats controlled both it is unlikely.
Good call out Rick, I wasn't aware of that provision. That would cut the tax rate down significantly since it would only be the state tax at most owed on it.
Bigthirdeye just like any other income tax it would be due by April 15th (or later if you file for an extension on your tax return) of the following year. So if they get it setup and forgive the loans by Dec 31st of this year it would be due with your taxes next year and if it takes place after Jan 1 it would be due with your taxes in April 2024.
Icee the harm is theft from taxpayers to give the money to someone else.
If you get someone else to rob someone of their money, its still theft.
So if the government is taxing someone and giving the money to someone else its theft.
We can tolerate it with the bare minimum elements of society like police, court system, military, maybe roads. Once you expand that to something like using tax dollars to give peoole free money or education that delves into obvious theft. Healthcare is the only one you would normally be able to debate but since modern healthcare is so poor that too falls under theft.
If you donr think there’s anything wrong with finessing and scamming strip club clients then you wont understand why taxing people can be a form of theft
“No one is being harmed by student loan forgiveness”
That’s not an entirely true statement. It’s creating a generation (or two or three) of young people who are soft. No accountability in life, because they will be bailed out by their parents, or the government, or whom ever.
I, for one, don’t want anyone on my team who has no accountability
^ Then Google it rather than embarrassing yourself. Let me help you. Moral hazard is when people engage in riskier behavior because they know they won't face the consequences of it. In this case, colleges increasing tuition or kids taking on more college debt because they know they'll get bailed out. You're welcome.
Idiot on the Newshour Friday talking about how she does not "see the same work ethic" that she used to and says that you would think that without student loan forgiveness people would be looking for weekend jobs.
People go to college intending to build professional careers, not to have jobs, and not weekend jobs for extra money.
If they just wanted as much money as possible, they could be car salesman or real estate agents.
And why is it that only very rarely, like maybe once in 4 years is it that someone says within face 2 face ear shot of me anything about younger people being "soft" or racial minorities having to "prove something", or about any reduction of any "work ethic".
It is only on this board that I am always seeing stuff like that.
F2F it is very very rare that anyone talks like that within ear shot of me. I don't think people do talk like that f2f. It is only for Keyboard Kowards.
"Risky behavior like getting a college education you're a clown."
Going $250,000 in debt to study something that won't recoup your investment isn't just risky, it's fucking stupid. Which explains why you think it's rational. Lulz
And I think this Briahna Joy Gray has probably been improved by some Critical Studies and Racial Grievance classes. A very good book I have read along these lines:
https://www.amazon.com/Miners-Canary-Enl…
"The University of California system was the crown jewel of the country..."
"That world disappeared and not by accident, because Ronald Reagan as Governor and Nixon and President, they understood that the movements from the 50's, 60's, and 70's, all of the equality movements, the civil rights movement, the women's rights movement, were gestating in the college campuses. And as part of their political agenda they decided to sacrifice our entire educational system so that they could win politically."
Well that had been one of the things this country was most proud of, and the entire world looked up to our system of higher education, and to how much access we had.
And of course the GI Bill gave college to our WWII veterans, and that was in part so that it did not turn out like WWI, where veterans had been short changed.
And this was also part of the John F. Kennedy doctrine where the US was trying to show the entire world that our way was better than how it was in the Soviet Union, PROC, and the entire East Block.
"the entire world looked up to our system of higher education, and to how much access we had."
They still do. The quality of the education isn't the issue. It's the economics around it that have gotten out of hand like medical billing has. Because I'm here to talk about strippers I'm not feeding this off-topic beast any more than I already have, but it's interesting to see how this topic is shaping up on the boards considering how many people on TUSCL claim to be college educated.
Sjg what kind of money do salesmen and real estate agents get? I thought real estate agents can often lose money or barely break even because they have to pay thousands in licensing fees every year
People who sell things might not always get big money, but sometimes they do. Always they can talk like tomorrow they will make more money than ever before. Even it is doesn't happen, it still sounds nice.
But if someone goes to college, usually they are expecting a professional career, not hustling for money.
And so this idea that forgiving student loans is making people soft is preposterous. If anything it will help people get back to the life they should have had.
^ If you are pre-med, pre-law, or aspire to a research career, college is a necessary step. If it's just "what people do after high school," there are other ways to get that experience.
"And so this idea that forgiving student loans is making people soft is preposterous"
No, it's the widely-understood and accepted principle of moral hazard.
"So they are super hard in being able to resist adversity."
HAHAHAHA! The same people who do TikTok react videos when the Subway sandwich artist calls them by the wrong pronouns? And get traumatized when the principal doesn't let them act like a cat in school? This generation has to go to human resources or the dean when someone says an unrelated word that vaguely resembles the N-word. They're softer than baby shit.
"Super hard" was storming Omaha Beach on D-Day. Get real.
"And no, people don't insult broad groups of people and call them "soft" f2f."
I thought you kept your F2F life private? How do you know what other people do?
Act demanding and spoiled around me, and I will not pretend otherwise.
Hey, f2f, especially in the corporate environment, hate speech is not tolerated. This is why we have Keyboard Kowards like you Tetra here instead.
Private kucklehead, I mean firewalled away from my online life, otherwise I would have to be shotgunning trolls allday long. With f2f people it is not that bad. The trolls seem to know they need to keep quite.
^ Lol yeah, I'm sure fear of your shotgun is why no one here has gone through the trouble of finding you.
Again, you don't know me or what I've said to whom. I've jacked up department heads mouthing DEI platitudes, pastors in front of their congregations, professors in front of their classes. Fly out to Boston, like I invited you, and I'll do the same. I'll even give you $500 worth of generosity to get a FRMOS in front of me.
Hey creep does your mental illness prevent you from spelling 'quiet?
You post 'quite' all the time when you're saying 'quiet'
You're 'quite' mentally ill you know, surely you most know shirley.
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And be like yes masta whitey tetradon a good house negro
In my job I have to deal with irate people who settled their debt with us the year before. They same to think that we sent them a 1099-C out of spite because they settled the debt. I always have to explain to them that any debt cancelation/forgiveness over $600 has to be reported to the IRS through a 1099-C.
Student loan forgiveness will be treated the same way unless Congress passes a law changing the tax code to make it exempt from taxation. (Assuming the courts don't strike down Biden's executive order before it happens)
I can't wait to see people that get the $20k of forgiveness because they had Pell grants come tax time. Some of them that are used to getting $2500 refunds from their Earned Income Tax Credit are instead going to owe the IRS almost $2500 because of the nearly $5k of taxes on that $20k loan forgiveness.
Also student loan being forgiven means if you had 50k in loans forgiven yoill have to treat that as income so basically have to still pay about 10k in taxes?
How soon do you have to pay the taxes due on that 50k?
People could struggle to pay those taxes if they for example had 30 years to pay 50k off but now have to pay 10k taxes within the next year
The state level is another matter. Some states have moved to pass mirror waivers, but others have not. But even if you are in a state which taxes it, the amount owed to the state will be a pittance compared to what would have been due to the IRS.
They need to find someone who is harmed by these loans being forgiven and that is proving tricky to find since a taxpayer doesn't have standing to sue over wasting tax money on something like this. Aboutthe only potential plaintiffs that people can agree have standing are the US Senate and House of Representatives. That would take a majority vote by one of them to bring the suit and since democrats controlled both it is unlikely.
It's shithole states though...
And only 6
If you get someone else to rob someone of their money, its still theft.
So if the government is taxing someone and giving the money to someone else its theft.
We can tolerate it with the bare minimum elements of society like police, court system, military, maybe roads. Once you expand that to something like using tax dollars to give peoole free money or education that delves into obvious theft. Healthcare is the only one you would normally be able to debate but since modern healthcare is so poor that too falls under theft.
If you donr think there’s anything wrong with finessing and scamming strip club clients then you wont understand why taxing people can be a form of theft
That’s not an entirely true statement. It’s creating a generation (or two or three) of young people who are soft. No accountability in life, because they will be bailed out by their parents, or the government, or whom ever.
I, for one, don’t want anyone on my team who has no accountability
Still speaking Loser to me. Can anyone translate?
Oh, and I can only "play" stupid. You live it.
People go to college intending to build professional careers, not to have jobs, and not weekend jobs for extra money.
If they just wanted as much money as possible, they could be car salesman or real estate agents.
And why is it that only very rarely, like maybe once in 4 years is it that someone says within face 2 face ear shot of me anything about younger people being "soft" or racial minorities having to "prove something", or about any reduction of any "work ethic".
It is only on this board that I am always seeing stuff like that.
F2F it is very very rare that anyone talks like that within ear shot of me. I don't think people do talk like that f2f. It is only for Keyboard Kowards.
SJG
Free - Wishing Well
https://www.youtube.com/watch?v=eKy_puDD…
Going $250,000 in debt to study something that won't recoup your investment isn't just risky, it's fucking stupid. Which explains why you think it's rational. Lulz
But we also want people to go to college. We need to do right by our college students.
We screwed our WWI veterans, but eventually we did right by them, and we did right by our WWII veterans.
SJG
Free - Wishing Well
https://www.youtube.com/watch?v=eKy_puDD…
https://www.youtube.com/watch?v=WFsXCyy2…
And I think this Briahna Joy Gray has probably been improved by some Critical Studies and Racial Grievance classes. A very good book I have read along these lines:
https://www.amazon.com/Miners-Canary-Enl…
SJG
Free - Wishing Well
https://www.youtube.com/watch?v=eKy_puDD…
"The University of California system was the crown jewel of the country..."
"That world disappeared and not by accident, because Ronald Reagan as Governor and Nixon and President, they understood that the movements from the 50's, 60's, and 70's, all of the equality movements, the civil rights movement, the women's rights movement, were gestating in the college campuses. And as part of their political agenda they decided to sacrifice our entire educational system so that they could win politically."
https://youtu.be/WFsXCyy2IDQ?t=617
SJG
Free - Wishing Well
https://www.youtube.com/watch?v=eKy_puDD…
We don't. You do.
And of course the GI Bill gave college to our WWII veterans, and that was in part so that it did not turn out like WWI, where veterans had been short changed.
And this was also part of the John F. Kennedy doctrine where the US was trying to show the entire world that our way was better than how it was in the Soviet Union, PROC, and the entire East Block.
So we need to restore this.
SJG
Free - Wishing Well
https://www.youtube.com/watch?v=eKy_puDD…
They still do. The quality of the education isn't the issue. It's the economics around it that have gotten out of hand like medical billing has. Because I'm here to talk about strippers I'm not feeding this off-topic beast any more than I already have, but it's interesting to see how this topic is shaping up on the boards considering how many people on TUSCL claim to be college educated.
I agree with you and we must remedy this.
Gen Z ABANDONS College, Education NOT WORTH Tuition Costs Anymore: Emma Camp
https://www.youtube.com/watch?v=XHkmwvDX…
SJG
But if someone goes to college, usually they are expecting a professional career, not hustling for money.
And so this idea that forgiving student loans is making people soft is preposterous. If anything it will help people get back to the life they should have had.
SJG
"And so this idea that forgiving student loans is making people soft is preposterous"
No, it's the widely-understood and accepted principle of moral hazard.
And no, people don't insult broad groups of people and call them "soft" f2f.
And for many, college is how they learn what they need to learn after high school. And this is good.
SJG
HAHAHAHA! The same people who do TikTok react videos when the Subway sandwich artist calls them by the wrong pronouns? And get traumatized when the principal doesn't let them act like a cat in school? This generation has to go to human resources or the dean when someone says an unrelated word that vaguely resembles the N-word. They're softer than baby shit.
"Super hard" was storming Omaha Beach on D-Day. Get real.
"And no, people don't insult broad groups of people and call them "soft" f2f."
I thought you kept your F2F life private? How do you know what other people do?
Act demanding and spoiled around me, and I will not pretend otherwise.
Private kucklehead, I mean firewalled away from my online life, otherwise I would have to be shotgunning trolls allday long. With f2f people it is not that bad. The trolls seem to know they need to keep quite.
SJG
Again, you don't know me or what I've said to whom. I've jacked up department heads mouthing DEI platitudes, pastors in front of their congregations, professors in front of their classes. Fly out to Boston, like I invited you, and I'll do the same. I'll even give you $500 worth of generosity to get a FRMOS in front of me.
You're the ultimate "keyboard koward."
Hey creep does your mental illness prevent you from spelling 'quiet?
You post 'quite' all the time when you're saying 'quiet'
You're 'quite' mentally ill you know, surely you most know shirley.