Looks like Joke's student loan forgiveness will raise taxes on many

T. A. Gardner said:
Yep, in 13 states Joke's loan forgiveness will be counted as income under state tax codes and those that get that relief will owe more on their state taxes for getting it.

Those states include:

New York
Pennsylvania
Virginia
W. Virginia
Kentucky
Wisconsin
Minnesota
Idaho
S. Carolina
Mississippi
Arkansas
Hawaii

https://taxfoundation.org/student-loan-debt-cancelation-tax-treatment/
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Whatever taxes may need to be paid, will be far less than the $10,000 saved. You didn't think of that did ya?
 
floridafan said:
Whatever taxes may need to be paid, will be far less than the $10,000 saved. You didn't think of that did ya?
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how will you explain that to the families who find themselves having to sell their homes, cut back on medicines in order to feed their kids, because taxes were raised???? oh, wait. I suddenly remembered that you don't care about those families.
 
Cypress said:
Nope, it's your job to provide nonpartisan sources so we can trust the analysis isn't Cherry picked and written to arrive at a predetermined conclusion
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No, it's not. It's my job to provide sources. Whether you like them or not is not on me. Refute the material, not the source. Saying it's "Cherry picked" and "predetermined" is meaningless unless you can prove it with sources of your own.
 
SmarterthanYou said:
how will you explain that to the families who find themselves having to sell their homes, cut back on medicines in order to feed their kids, because taxes were raised???? oh, wait. I suddenly remembered that you don't care about those families.
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Taxes can be paid monthly just like a student loan- next?
 
T. A. Gardner said:
Yep, in 13 states Joke's loan forgiveness will be counted as income under state tax codes and those that get that relief will owe more on their state taxes for getting it.

Those states include:

New York
Pennsylvania
Virginia
W. Virginia
Kentucky
Wisconsin
Minnesota
Idaho
S. Carolina
Mississippi
Arkansas
Hawaii

https://taxfoundation.org/student-loan-debt-cancelation-tax-treatment/
Click to expand...

So they have to pay taxes on the forgiven loan as if it was income. That is hardly a major issue. I don't know of any state that has a 100% tax rate let alone a 50% tax rate on income.
 
Poor Richard Saunders said:
So they have to pay taxes on the forgiven loan as if it was income. That is hardly a major issue. I don't know of any state that has a 100% tax rate let alone a 50% tax rate on income.
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Biden promised, repeatedly, that he wouldn't raise taxes on anyone making under $400,000 a year... He just did, AGAIN.
 
Poor Richard Saunders said:
So they have to pay taxes on the forgiven loan as if it was income. That is hardly a major issue. I don't know of any state that has a 100% tax rate let alone a 50% tax rate on income.
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quick lesson on financial economics..........If the less intelligent college graduates who got a degree in something that they can't make productive contributions to society and are left STRUGGLING to pay off loans are now going to have that 10k added as taxable income so they will end up owing about 2k more in taxes.............so now, on top of struggling to pay bills, they are going to end up owing more to the federal government come tax time..............how are they going to pay for that?
 
SmarterthanYou said:
that doesn't solve the problem. they are still making choices because they can't afford even a low standard of living.............I thought you knew economics?
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If someone is making monthly payments on a student loan, they can make much lower monthly payments for taxes due. You still come out ahead.
 
SmarterthanYou said:
that doesn't solve the problem. they are still making choices because they can't afford even a low standard of living.............I thought you knew economics?
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It's so nice that you are so concerned about these poor people that instead of paying over $660 a year in student loan payments for 30 years will now have to pay a one time tax of $649 or less for one year. It seem you are convinced they can afford to pay their student loans but can't afford to pay even less if it is an income tax.

NY tax rate at that income level is 6.49%
Penn tax rate is 3.07%
KY tax rate is 5%
MS tax rate is 5%
 
SmarterthanYou said:
quick lesson on financial economics..........If the less intelligent college graduates who got a degree in something that they can't make productive contributions to society and are left STRUGGLING to pay off loans are now going to have that 10k added as taxable income so they will end up owing about 2k more in taxes.............so now, on top of struggling to pay bills, they are going to end up owing more to the federal government come tax time..............how are they going to pay for that?
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ROFLMAO..

Care to show us where it would be counted as income under Federal rules? The bill hasn't been written yet so there is no way to know whether it will be taxable under Federal income tax rules.
But even if the bill requires to count it as income, the tax bill would be less than 3 years of loan payments and could be paid off over time. Anyone struggling to pay their bills would most likely not be in a 20% tax bracket, since a single person making $53,000 a year would still be in the 12% bracket if they take the standard deduction.
 
it's becoming very clear that you leftists wanting all this money from the government have zero clue about economics, taxes, and pretty much anything else
 
T. A. Gardner said:
Yep, in 13 states Joke's loan forgiveness will be counted as income under state tax codes and those that get that relief will owe more on their state taxes for getting it.

Those states include:

New York
Pennsylvania
Virginia
W. Virginia
Kentucky
Wisconsin
Minnesota
Idaho
S. Carolina
Mississippi
Arkansas
Hawaii

https://taxfoundation.org/student-loan-debt-cancelation-tax-treatment/
Click to expand...

"could be" is the key, not will be as your topic post implies

And you are aware that the "Tax Foundation" is primarily funded by the Koch Brothers, explaining why a "could be" editorial is featured as real
 
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