Multiple states could tax student loans forgiven under Biden's plan

Multiple states could tax loans forgiven under President Biden's student debt plan. Jared Walczak, with the Tax Foundation, explains the complexity of current tax laws and how they could affect borrowers.

#news #biden #studentloans

[tejanoj]

I paid off my college loans myself. If helping these students raises the USA's standing when comparing education to other nations, I'm glad to help my countrymen.

[JaneDoe-zsvq]

Wow help the poor then steal from them by the means of taxes. I hate this government.

[kimo]

Little tax lesson; forgiveness of debt is taxable

[tinanickerson]

This is nuts!! So if you got a loan and made payments on this loan and was able to receive forgiveness and then a refund on what you paid...then this is all of a sudden earned income!!??? Lord the IRS needs to get that sorted out and corrected. YOUR JUST GETTING BACK WHAT YOU PAID IT HAD ALREADY BEEN TAXED AS INCOME WHEN YOU MADE THE ORIGINAL PAYMENT!!!

[vjr]

Then no. I’ll just let them die with me on the IBP plan since I don’t have an income. The education didn’t pay off.

[Frogger]

They artfully left California off their list... interesting.

[mattdreyer]

Your 10k went to 5k forgiveness over night lol

[lindabradford]

Its a minor amount compared to what is being forgiven. Quit crying.

[johnnybgoode]

Those same states didn't do this or investigate PPP loans

[ronchampagne]

I had MA tax me on $28k canceled mortgage debt ! But thats ok ....taxing money used to keep a roof over your head .
Oh thats right many homeowners vote democrat, O forgot !

[johnnyfive]

Californians, your forgiven student loans may come with a tax bill. Here are the details

[billlawrence]

I’d bet that only Republican Governor states would stoop that low.

[hammer]

Your gonna tax money that is tax money…….nice

[bigtex]

Only those states so gauche as to have an income tax.

[intherockies]

How many of these states have a Republican as Governor?! I know Arkansas does..

[cyeszin]

Govt- were gonna forgive 10k in student debt
Liberals- screaming with joy til they find out they'll be taxed on it
Govt- did you seriously think we'd give you money for free?....again? Lol

[bambi]

Should give to all. A lot parent high middle income working death to pay kids school from kindergarten to college. Every penny they pay school. To be fair for all college students, should be forgiveness to all no limits income. That’s fair. If not no fair for the one working hard paying all tax, their kids get nothing