Biden cancels $10,000 in federal student loan debt for most borrowers

CNBC ^ | 8/24/2022 | Annie Nova

[Tell It Right]

President Joe Biden announced on Wednesday that he will forgive $10,000 in federal student debt for most borrowers, fulfilling a campaign pledge and delivering financial relief to tens of millions of Americans.

Biden will also cancel up to $20,000 for recipients of Pell Grants, he said in a tweet on Wednesday.

The relief will be limited to Americans earning under $125,000 per year.

[Tell It Right]

It's now official (as official as an EO needs to be I guess). Basically taxes from plumbers are paying the debts of lawyers.

[BradtotheBone]

Gotta buy votes somehow...

[kiryandil]

King Puppet The First.

[BuchananBrigadeTrumpFan]

Probably unconstitutional... but Judge will probably rule several years from now... and then just say that since everyone already received their benefit there’s no remedy (just like the voting fraud case in Wisconsin).

[bk1000]

So the President can now declare debt erased? No more need for Congress, huh? I wonder how Madam bit…er, Speaker feels about that?

[nwrep]

Roberts will call it a tax and move on.

[vikingd00d]

And the tax bill on the imputed income won’t show up until AFTER the election.

[butlerweave]

Oh my AOC doesn’t qualify ,LOL

[kiryandil]

Pelosi says Biden doesn’t have power to cancel student debt

Wednesday, July 28, 2021
https://www.cnbc.com/2021/07/28/pelosi-says-biden-doesnt-have-authority-to-cancel-student-debt-.html

[silverleaf]

Debt does not get “cancelled”

Contracts get voided. Then someone
else gets stuck with repayment.

Finance 101.

[Tell It Right]

"And the tax bill on the imputed income won’t show up until AFTER the election."

The Dims will pretend to make a law to not tax the debt payoff as income, then pretend the Republicans blocked it, so the sheep who have worthless degrees and vote Dim anyway will still blame Republicans for it.

[WKUHilltopper]

Pay for it yourself, Sir Shitz A Lot.

[Lurkinanloomin]

The Constitution hasn’t been operative since Usurpation Day when it was abrogated by all of our elected and appointed by searing in the ineligible Kenyan from Indonesia.

[1Old Pro]

Who is paying for this? Sounds like another tax w/o a vote in Congress.

[TexasGator]

” Basically taxes from plumbers are paying the debts of lawyers.”

Basically taxes from plumbers are paying the debts of bad lawyers.

[Old Yeller]

That’ll piss off more people than it will please.

[blam]

"President Joe Biden announced on Wednesday that he will forgive $10,000 in federal student debt for most borrowers, fulfilling a campaign pledge and delivering financial relief to tens of millions of Americans."

Taxpayers money used for Democrat campaigns.

See....we've given you $10,000, now vote for us.

How much have the Republicans ever given you?

[Fresh Wind]

8/28/21: Pelosi says Biden doesn’t have power to cancel student debt

https://www.cnbc.com/2021/07/28/pelosi-says-biden-doesnt-have-authority-to-cancel-student-debt-.html

[jimwatx]

I’m not sure Biden has the power to do this, but if it goes through, there will be pressure to do away with these loans altogether in the future.

[dfwgator]

Is that $10,000 taxable as income?