True. Debt relief is considered taxable income to the debtor.
So wouldn’t it take legislation, to change the tax code so that this loan forgiveness doesn’t trigger a taxable event for these borrowers???? Even if Joe can somehow do an executive order to cancel debt, does he have the power and authority to change all of the legal repercussions of such a decision???
Even if they concede that it will be considered income and therefore a taxable event, it’s still not fair to the millions of Americans who were responsible and played by the rules and paid off their student debts.
Also I want to be sure that the IRS goes after those Florida felons who were given $27,000,000 to pay off their debts so they could go vote.
If the FEC isn’t going to go after the bribery charge send the IRS after them.