10K debt relief question? Will those who get the relief have to pay taxes
On the 10K relief they receive?
14 Replies
H
Hoke
3y
Is it because they think anyone making less than $125k can't afford a $10k personal loan? If so -- that's absolutely mind boggling to me.
Would have had less of an issue with the whole thing if the threshold was say $50k
(In response to this post by darnellm)
3y
Paying of $10k on $125k income is nothing even in a HCOL if you're young and not tied down. I would know since I paid off $100k on that income in Austin which is not a cheap place to live.
That said the $10k relief is nothing compared to the repayment changes in the bill if you are someone who is struggling under a mountain of debt that's growing faster than you can pay it off. They really buried the lede on this one, but it is mid-terms and the $10k is the political flashpoint.
(In response to this post by Hoke)
F
fordham
3y
Eligible
(In response to this post by Hoke)
3y
that represented an upper boundary of "middle class," regardless of where you live.
Sure, $125K is a heck of an income in SWVA. But if you live in NY or SF or Honolulu, I'm not sure that gets you into the top quartile.
(In response to this post by Hoke)
3y
and yeah, expensive states vote for it only if it includes them like the state tax deduction thing.
(In response to this post by Tafkam Hokie)
F
fordham
3y
Know it won’t be. Enjoy my tax dollars!!!! I have always paid my debts even in difficult times!!!!
(In response to this post by darnellm)
3y
winter. In the big scheme it doesn't move the needle much either for the recipient. These bold claims of being able to now purchase a house are total BS. Those who believe the echo chamber are dumb as rocks. Even moderate leaning dems like Warner are scratching their heads. If I was in my low 20's working as a plumber or electrician or welder and never went to college, I'd be PO'd.
(In response to this post by fordham)
3y
each year. We aren't paying for things now and anyone thinks this going to change? It adds more numbers to a deficit that is increased by both left and right.
The idea that we're all going to pay for this makes me chuckle when we aren't paying for a lot of spending.
** Edited by ElbertoHokie at 8/26/2022, 12:06:37 PM
(In response to this post by Vtskier1)
3y
(In response to this post by ElbertoHokie)
3y
forgiveness of debt is income - again - could be special rules in place- but just for the kicks i hope it is - because i want to hear the stupid people moan about a free 10K that cost them 2500 and listen to the outrage
(In response to this post by darnellm)
3y
off over years at a really low interest rate.
A $2500 tax bill is due, in cash, on tax day, or else. If you don't have that much readily available, that could be a problem.
A good case could be made that a smaller debt to the IRS is WAY WAY worse than a larger student loan debt.
(In response to this post by bigbadbird)
3y
shoehorn this around congress. In that giant omnibus bill that was passed one of the provisions in it said that student loan debt relief is not taxable.
(In response to this post by bigbadbird)
3y
This is how Pelosi got her insider trading back.... This is also how a digital dollar pilot got funded too.
(In response to this post by ElbertoHokie)