Posted on 05/25/2024 6:44:07 AM PDT by Libloather
Republican Gov. Chris Sununu is predicting that President Joe Biden's $167 billion student loan forgiveness plan is actually going to come back and bite him.
Just this week, Biden cancelled another $7.7 billion for 160,000 Americans, in a push that critics view as an attempt to 'buy votes' ahead of the 2024 election.
But Sununu tells DailyMail.com in an exclusive sit-down interview this week that no debt is actually being wiped out.
'We've just transferred it to somebody else. Somebody still carries that debt...and it's still to be paid by all of America.'
'The political benefit that Biden thinks he's getting out of this is just the opposite. It's hurting him politically,' Sununu went on.
He says the 'proof' is in Biden's lagging poll numbers compared to Trump.
A series of recent polls have showed Trump level or ahead of Biden in swing states he won in 2020. And according to a New York Times survey this month, Biden is trailing Trump in five out of six crucial battleground states.
Sununu says the 'average American completely understands what's going on' and that it's 'inherently unfair' that their taxpayer dollars are paying for an opportunity for somebody else's kid.
'It's the antithesis of everything we're about here in America, which is working hard, being fair, you know, pulling yourself up by your bootstraps and moving forward.'
'They're really ticked off at what Biden is doing, and they're moving over to Trump. There's no question about that,' said Sununu.
He says Biden's '26 year old progressive socialist' advisors who are 'very passionate politically' but 'don't have a brain in their head about what's actually happening on the ground in America with inflation' are at fault.
'Biden is going out and actually throwing gasoline on that fire. And then bragging about it,'...
(Excerpt) Read more at dailymail.co.uk ...
Sununu is right for once.
Most Americans don’t care to think about such vile vote buying.
Seven billion dollars is about the daily federal overspend.
Quick math, $45,000 per person!
The tax impact of debt forgiveness or cancellation depends on your individual facts and circumstances. Generally, if you borrow money from a commercial lender and the lender later cancels or forgives the debt, you may have to include the cancelled amount in income for tax purposes. The lender is usually required to report the amount of the canceled debt to you and the IRS on a Form 1099-C, Cancellation of Debt. There are several exceptions to the taxability of cancelled debt, such as insolvency or bankruptcy.
Time to talking this point up, yep no student debt, but now taxes on debt forgiveness kids!
The stupid young voters don’t realize that the $10,000 loan cancellation handouts will be more than cancelled out by higher interest rates for the house they might eventually want to buy.
Of course, every real estate agency and the two million real estate agents should be fighting hard for federal fiscal responsibility.
We live in a country with 80 to 81 million people who voted for an angry, demented old man for President.
“However, borrowers working toward loan forgiveness have been exempt from [federal income] taxes thanks to the American Rescue Plan Act of 2021. This measure made forgiven student loans exempt from federal income taxes, but it only applies to loans that are discharged between January 1, 2021, and December 31, 2025.”
https://finance.yahoo.com/personal-finance/tax-on-student-loan-forgiveness-182343895.html
“We live in a country with 80 to 81 million people who voted for an angry, demented old man for President.”
BS. He did not get 81 million votes.
It is not just the 26 year-old brainless socialists in the FJB administration. They come in all ages of assorted colors of blithering idiots.
Indeed. All those 26 year olds he spoke of have known nothing but Marxist indoctrination all their lives.
Along with Schwartz Gyorgy and the rest of the WEF.
That's the scary thing.
“...brainless, socialist, 26 years old workers...”
No need, just declaring one as a socialist automatically defines brainless. Remember the quote attributed to Einstein regarding those who keep doing the same thing and epxecting different results. And we’ve got a senior age POS turd out there who still believe in socialist crap...and who also showered with his daughter and smells women’s hair while thinking about his hairy legs.
I’d love to see 1) the degrees these freeloaders are getting and 2) how long it took them to earn that degree.
I’d wager that most of the degrees are worthless and have zero market value (intersectionality, grievance, any “studies”, etc) and took an average of six years to get.
So not only are taxpayers on the hook for this “education,” but we wind up with useless parasites fomenting discord and revolution.
Well thanks Joe, I’m paying for the loan and applicable loan forgiveness taxes!
Can Trump reverse these cancellations? The Supreme Court did.
Democrats love to do the, “Vote for us, you stupid idiots!” thing, just like Biden. Not a good way to win crossover votes.
Another way to look at this: Loan forgiveness will just come off their Social Security and Medicare benefits. Like squeezing a balloon. The money gets paid back somewhere down the line.
It’s all vote buying. We all know it. Dims favor the indoctrinated college “elite”. They don’t live in the real world and are far easier to control than people that work for a living. Us honkeys with HS diplomas, certificates and apprenticeships and journeymen don’t get anything other than a bill from our hateful FedGov. 😡
The USSC has already ruled that Joe doesn’t have the power to “forgive” these debts, so what he’s doing is illegal. All these folks that think Santa has come calling better prepare themselves for an unpleasant surprise.
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