Joe Biden last month announced his intention to forgive $10,000 for student loan borrowers, while increasing it to $20,000 for those with Pell grants. Depending on what state a student lives in, these loan repayments could result in a hefty tax bill.
Fox News reports:
Mississippi borrowers making less than $125,000 per year may have $10,000 of student loan debt forgiven and may owe an additional $500 in taxes.
Pell Grants are typically given to borrowers who need more help financially. These borrowers are eligible for $20,000 in student loan forgiveness and may owe an additional $1,000 in taxes.
“It feels in a lot of ways like a tax on being poor,” Stegall said.
So far, Mississippi, Minnesota, Wisconsin, Massachusetts, Arkansas, Indiana and North Carolina have announced plans to tax the student loan handout funds. But if you file in Virginia, Idaho, New York, West Virginia, Pennsylvania and Kentucky, don’t expect to be taxed.
These are the latest ramifications from Biden’s student loan handout that many Americans feel is unfair, especially to those who did not go to college or who paid off their debt and now are forced to pay for others’ education choices.
How about a thousand a month fora bout 50 years???
Biden is corrupt and stupid. He thinks he is doing certain segments of our society a favor but he is actually screwing most people. He is the worse President of my 78 years.
It was just s political ploy to get young people to vote fir democrats.
Still doesn’t matter. I did not take out a loan and do not appreciate those who are being taught to be irresponsible for their own debts – having me a taxpayer pay for others debt. Tax them per state or not – the cost is being passed on to people who did not incur the debt. This cannot possibly be constitutional!
It’s all Illegal, since the Congress is the only entity that can make this happen! Where are all the Republicans on this Fiasco???
Pelosi , caught on tape, said Biden cannot pay off the loans. Only the Congress can do that. Think it is against the U.S.Constitution. Yes I know Biden kicks the Constitution to the curb.
We are talking about going to the Supreme Court to see if they will take our emergency case of making Nancy Pelosi & family and Biden & family pay for all the bail out money out of their coffers.
Why would anybody be surprised about that? It’s no different than any other kind of money you receive, no matter how you get it, it’s income and it’s taxable.
In that case triple what you ‘give’ to them.
all states as well as federal should tax the $10k for the waiver of student loans because that IS in reality a TAXABLE INCOME because you are getting money back
What has happened to being RESPONSIBLE.
It doesn’t matter. These are Democrats. Biden could say ‘I will buy you a new electric car for $60,000 and within one year you MUST pay me $100,000 or go to jail.’ The Democrats will cheer wildly.
Just another way for tax payers to fund or pay for stuff they had nothing to do with . Another Idiotic government plan that is going to back fire on the banks or students. Biden and his plans are just putting us further into debt with him giving money out He has no clue what he is doing