Student loan forgiveness could result in a $2,500 burden per taxpayer, research finds

Cnbc ^

[Red in Blue PA]

The average burden per U.S. taxpayer for the new federal student debt cancellation will be $2,503.22, according to new estimates from the National Taxpayers Union, a fiscally conservative advocacy group.That is based on the assumption that policymakers would need to make up for the total tally of the forgiveness through tax increases, spending cuts, borrowing or a combination of those strategies.

[Red in Blue PA]

If they say it will cost 2500, double that.

[fwdude]

It that’s the case, they owe it to me to tell me what I paid for. And to reject the product if it was defective.

[apillar]

Under the law only Congress can appropriate money, so Biden forgives these loans, then sometime in the next six months the banks come to Congress and say, "Yeah glad you forgave those loans, now reimburse us the billions you now owe to us instead of the debtor." But say Republicans take over in November, and tell the banks, "Sorry, talk to Biden, he wrote them off, we're not appropriating a penny."

Are the banks the ones that get screwed or will the just go back and tack on the money back on to the loan recipients (with interest).

[antidemoncrat]

“Student loan forgiveness could result in a $2,500 burden per taxpayer, research finds”

Student loan forgiveness could result in a $2,500 burden per middle class taxpayer

There, fixed it

[rktman]

Yeah, but if you simply buy and EV the money you save on gas will easily make up for paying someone else’s school debt. /$

[knarf]

Does anyone really believe that the President of The United States can cancel a legal contract between a citizen and a bank ?

[dsrtsage]

Those that got useless degrees should be sentenced to 20 years of community service

[TribalPrincess2U]

It was a stupid thing to do to begin with.

Is this why they’re arming the IRS? In case we
all say, “GTH”, we’re not paying taxes period.

[TribalPrincess2U]

Also, what about those just entering college?

[erlayman]

Is that enough standing for the courts to listen ?

[Bob434]

Add that to the massive increases in electricty prices and on everything we buy, thanks to the inept left screwing everything up and “going green”, and we will soon be huddled in blankets trying not to freeze to,death in the winters, or fighting for our,lives because the elderly can’t use air conditioning in deadly heat, and Noone has any money left to alleviate the problems the left have created.

[Lizavetta]

It is NOT a forgiveness nor a cancellation.

It is a TRANSFER onto everyone who did NOT take out the loans.

[KarlInOhio]

Those that got useless degrees should be sentenced to 20 years of community service

Or twenty years of community college: OK Dr. "I wrote my dissertation on Kierkegaard", you get to teach students without the ambition to go to Football State University how to write five paragraph essays... For the next twenty years.

[LambSlave]

Since most Americans don’t pay federal taxes anymore, and many more pay very little, this really means that those of us who pay more than 40K a year now will pick up another 15-20k each to pay for this. And highly likely that nearly all of those bill payers have either (i) never incurred education related debt or (ii) paid it off promptly with no help. I am in category (ii); I literally ate rice and beans for three years to get debt free as soon as possible after I got my first job after getting my graduate degree, and I have been paying for everyone else’s bad decisions ever since.

[armydoc]

Does anyone really believe that the President of The United States can cancel a legal contract between a citizen and a bank?

These are federally funded loans administered by the Department of Education; there is no bank involved. The federal government is forgiving a portion of the loan, thus decreasing revenue and creating an additional deficit that will have to be made up by you and I. If there is any breach of contract here, it is between fedgov and the suckers that have to pay for this fiasco

[Stevenfo]

I lived like a hobo in college to avoid debt. My stuff fit in a backpack. Now I get to pay for students who had cars, Apple this and Nike that, Spring Break and ski trips, Netflix, and, of course, Starbucks.

[Republican Wildcat]

$2500 - so as much as that affects us, imagine how that effects someone making half our salary or less vs. ourselves, let alone those making $125k getting their loan “forgiven” and having it be paid by someone making $30k.

The Democrats sure do care about “the poor” - they care about keeping them poor and making them more poor.

[rolling_stone]

ha me too I had a friend swing shift manager at a fast food and all unsold food at end of shift 11pm would go in the dumpster..I could make half a dozen different meals with cooked burger patties and french fries, buns for toast etc. then there was the Chinese restaurant all you can eat skip a day of meals and you can eat a lot. A bag of potatoes twice baked with goodies inside weren’t bad either.

[billakay]

The student loans in question are held by a bank. In the case of these loans, the federal government is the lender and holder of the note. Indeed, the federal government has been the primary student loan lender for a number of years now. So, what is essentially happening is a huge budget hole is being created.

[billakay]

*are NOT held by a bank...