Mayor Melvin Carter – who makes $132K a year – thanks “the President”…
For wiping out his student debt transferring his student debt to America’s plumbers, truck drivers, waitresses and warehouse pickers:
I’m not sure what bothers me more:
Graft is bad. Redundant graft is worse.
Nobody is above the law, except left wing communists.
I borrowed $5,000 to get me through Vo-Tech. Foolishly I paid it back.
So with that in mine, I might be persuaded to vote for Uncle Joe if he were to refund my payments…plus interest.
Sure, I am aware that Joe will have to borrow the money he will use to bribe me, but my kids and grandkids will be taxed to pay that back – not me.
Forgiveness of debt is income.
I haven’t read the Executive Order. Does it address the tax liability for student loan forgiveness?
^ Interesting bit of info, Mr Jones. If true, some of those *-Studies majors with 6-figure loans are looking at some serious income. And a new tax bracket way up from where they are now. With a much higher tax percentage. A much higher tax bill. None of which will be subject to tax withholding.
Both the IRS and MnRev (usually, for normal people) take a dim view of grossly under-withheld taxes and will add in penalty interest (and perhaps fines?). Wonder if these “tax lottery winners” know enough to quickly make some Estimated Tax payments… if they can figure out how much? Or even afford them?
The reason I ask is because I have been cursed with something called “memory” which Liberals do not have and don’t understand. It causes me to “remember” things they’d rather not have brought up.
Such as the fact that when Obamacare was debated, Republicans objected it was not a revenue-neutral measure but instead would cost the federal government a boatload of money which we didn’t have and couldn’t afford. So Democrats decided the government would take over student loan lending so the stream of interest payments on those loans would fund the program.
This, of course, is investing in a “derivative” which is exactly the same scheme that caused Orange County to go bankrupt in 1994 when the borrower quit making payments so there was no stream of income to keep the county operating.
Therefore, I want to know, under the new Biden Executive Order, if there is no stream of interest payments coming in because student loans have been forgiven, is there at least a compensating pile income taxes to fund Obamacare? If not, how do we fund that program? Just print money?
Ever heard of “inflation?” Probably not. That’s a Carter-era thing. Nobody wants to talk about the Carter era.
^ Details, details, Mr Jones… that’s for little people.
There are a lot of issues with college these days. They keep increasing the amount of school someone needs in order to graduate with a specific degree. I work in a field where all I needed was an undergraduate degree. Now, they’re requiring post graduate degrees. But, employers aren’t paying more for the higher degree, because their skills aren’t worth more. It’s looks like a scam to me- colleges are raking in a lot of money because they can and leaving young people with more debt as they start out.
George W Bush started the loan forgiveness, where a person works 10 years at a any non-profit while making consistent payments and then the rest of the loan would be forgiven.
I was lucky in that I qualified for a subsidized Stafford loan, so whatever I repaid in the first 6 months was interest free. I also applied like mad to every scholarship that I thought I was qualified for. I saved and saved, and paid it all off before any interest accrual.
So, I know nothing about current student loans, except that I’m glad that I could get a degree in four years and start working. I’ve heard that it is different than a loan to buy a house, in that if you pay more than the minimum, it doesn’t decrease your interest and doesn’t shorten the time of the loan. People also tell me that in the case of the 10 year forgiveness, the loan itself is basically paid off if the required minimum payments were made along with quite a bit of interest. That doesn’t quite make sense to me. In addition to colleges ripping students off by requiring more and more school for degrees, are student loans set up for failure on purpose? Or am I just hearing bad information?
Bigman;
They were also counting on millions of young people to sign up for Ocare to subsidize the payouts to older consumers of healthcare and fined them if they didn’t. But, like all DemoCommie schemes, it didn’t work. Typically, healthy people under 30, unless they’re planning on having kids, don’t typically worry about healthcare insurance draining more of their paychecks.
mjb003:
My kids were applying for college loans about the time the gubmint took over the student loan programs. We literally saw tuitions and fees rise by 12 and 16%, respectively. Just another money laundering scheme.
https://www.house.mn.gov/hrd/pubs/ss/sstxstudloan.pdf
Student Loan Debt forgiveness under Biden’s executive orders and the American Rescue Plan Act (ARPA) and is not counted as income, “temporarily”, until 2025? The wording in that PDF is unclear to me. Most states including MN, are as well exempting the student loan debt forgiveness as income. There are a few exceptions/conditions in MN.
https://taxfoundation.org/blog/student-loan-debt-forgiveness/
“As of 2023, Indiana, North Carolina, and Mississippi will treat forgiven student loans as taxable income, while several other states are still determining whether they will do the same.”
Regarding Carter, he’s 45 and has a masters’ degree in public planning from the U after getting his bachelor’s at Florida A&M. Not expensive schools, so one might ask “why is it he wasn’t able to pay off his student loans?” His wife is Dr. Sakeena A. Futrell-Carter, and works as a nurse practitioner. So we are talking close to a quarter million in income for the happy couple, I’d guess. So happy to be subsidizing them!
In 1979 I had a student loan debt of 11,000 dollars. That’s $47K in today’s dollars. My interest of 4% was forgiven while I finished my medical residency. I paid if off monthly until I realized I could just write a check. It was a pretty good deal but I did pay it off. I didn’t ever consider borrowing money for a career that paid nothing. Undergraduate education was paid for by my parents with their savings, some scholarships and work study. Higher education isn’t some entitlement.
I was told that if I voted for Trump in 2020 that the constitutional norms of our republic would be obliterated.
And they were right.
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