Posted on 07/14/2023 11:34:32 AM PDT by MinorityRepublican
President Joe Biden will forgive $39 billion in student debt for 804,000 Americans - two weeks after the Supreme Court struck down his $430 billion relief plan because it was unconstitutional.
The president has continued his push to wipe billions in student debt, despite anger from taxpayers and Americans who have never been to college.
The landmark Supreme Court decision dealt his plan a huge blow, but the White House has vowed to plow ahead to get widespread relief.
Critics slammed the 'absurd' announcement and called it a 'slap in the face to taxpayers'.
David Williams, President of the Taxpayers Protection Alliance, told DailyMail.com: 'This new announcement is absurd and is a slap in the face to taxpayers.
'The Biden administration is hell bent on recklessly spending hundreds of billions of taxpayer dollars bailing out wealthy student loan borrowers, even after being rebuked by the country’s highest court.
'More than 80 percent of the country that doesn’t have student loans will be forced to subsidize the small percentage of Americans that do have loans. And, once again, the Biden administration is circumventing Congress.
(Excerpt) Read more at dailymail.co.uk ...
In reality, with the Dems in control of the Seante, Uncle Joe can do whatever he wants.
Slugs that were going to vote for him anyway.
When the USSC declined to involve itself in case requests involving election fraud and FISA court fraud, they punched their own time clock exiting the job.
I don’t think he’s the Man of Lawlessness from 2 Thessalonians. But he is a man of lawlessness. His entire career has been lawlessness.
“When the USSC declined to involve itself in case requests involving election fraud and FISA court fraud, they punched their own time clock exiting the job.”
True... That didn’t help any at all.
This program was established long before Biden. These people have public service or non profit jobs and have been paying in for over 20 years, according to statute. Biden didn’t really do anything, it was scheduled anyway.
In a Robertsonian point of view, our irreparably corrupt government is a tax, we deserve. In a way, he’s correct.
Shame on EPA for fill in the blank. It's their fault. Elect us. If you're lucky it will make it to SCOTUS and a favorable ruling. We sure aren't going to work on changing any laws, we have your tax dollars to launder and insults to sling so voters will remain enraged at each other instead of us.
How about credit card debt? Lots of people are burdened with that debt. Will Biden give them relief?
Car loans too!
I thought Congress controlled the purse strings. How can Pedo Joe suddenly spend this money without regard to the budget. Time for some answers from the Congress Critters.
How do you pay on a loan for 20-30 years and still not have it paid off?
How much did you borrow? Were your payments like an onerous $5.00 per month?
Does this mean the lenders of the loans have to take the loss?
Buyin’ those votes on debt at a time.
Grifterpalooza!
You Boomers who scrimped, saved and paid for everything — you’re chumps!
I would think that the banks owning the loans would be filing suits.
OR
Can SCOTUS on it’s own immediately react to this without someone bringing up a case?
Not as such. A suit needs to be filed and will have to move through the lower courts. Unless I'm wrong.
Now everyone can afford a Ferrari or Lamborghini, just a low down payment, and then get the rest of the payments forgiven by Biden. BTW how does this manage to keep their credit scores up? Its the death knell of what was the USA.
I think that there is something about student loans that makes them non-dischargeable in bankruptcy. You might be able to say that if the government can just discharge this much student debt then the equal treatment portion of the 14th Amendment might then require that the rest be dischargeable in bankruptcy. (More knowledgeable freepers should weigh on this approach.)
But another approach might be to look at the tax implications of the loan forgiveness. In the past the IRS has treated loan forgiveness as income and taxed it as such. Imagine that you just got $20,000 of your loan forgiven. That year you are at a 22% marginal tax rate for the feds and an 8% marginal tax rate for the state. So you owe $6,000 taxes on that loan forgiveness THAT YEAR. Most people don't plan for such a tax event so they will have to scrape up an unplanned $6K out of their pocket THAT YEAR.
Now for the publicity. Put out a good news story about how the government receipts will be increased by the taxes levied on the loan forgiveness program and this will be used to finance important social programs like improving the quality of monitoring llama feed manufacturing in Peru. It is time to get creative about dealing with this lawlessness.
I think that there is something about student loans that makes them non-dischargeable in bankruptcy. You might be able to say that if the government can just discharge this much student debt then the equal treatment portion of the 14th Amendment might then require that the rest be dischargeable in bankruptcy. (More knowledgeable freepers should weigh on this approach.)
But another approach might be to look at the tax implications of the loan forgiveness. In the past the IRS has treated loan forgiveness as income and taxed it as such. Imagine that you just got $20,000 of your loan forgiven. That year you are at a 22% marginal tax rate for the feds and an 8% marginal tax rate for the state. So you owe $6,000 taxes on that loan forgiveness THAT YEAR. Most people don't plan for such a tax event so they will have to scrape up an unplanned $6K out of their pocket THAT YEAR.
Now for the publicity. Put out a good news story about how the government receipts will be increased by the taxes levied on the loan forgiveness program and this will be used to finance important social programs like improving the quality of monitoring llama feed manufacturing in Peru. It is time to get creative about dealing with this lawlessness.
Indeed, us the taxpayer. Those were govt loans and Joe the corrupt turnip fraud is very very generous with other peoples money which he deems unlimited and free, almost as if they are looting the treasury right at the end of its existence or something with zero thought of ever balancing the books.
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