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Quote:

I do think that if you have student loans your tax return should go towards helping pay off the loan.

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By Jeff Guthridge (Jeff_Guthridge) on Saturday, August 27, 2022 - 10:07 pm: Edit

I wonder.... If anyone out there working on this problem inside the beltway understands that typically when a loan defaults, the IRS will consider the value of the outstanding note as effective income for the defaultee.

With all the talk about all of the new IRS agents, and now the forgiveness program, my cynical streak is making me wonder if there will be strings on the program to treat the forgiven amount as defacto income....

One thing is for sure, we have not seen the true details yet, and frankly its likely to be a ungainly mess by the time the program opens for business.

By Steve Cole (Stevecole) on Sunday, August 28, 2022 - 12:29 am: Edit

Setting aside such questions as who is covered (not everyone), how much ($10,000 is said, but it is $20,000 for low-income people), just how the mechanics work, the fact that loans has been suspended for two years, income limits ($125,000 or double that for a married couple), fairness, inflation, and 17 other questions, everything I hear is that this thing isn't legal and will be overturned by the Supremes sooner or later. Think of the accounting nightmare that will cause.

By Chuck Strong (Raider) on Sunday, August 28, 2022 - 05:28 am: Edit

Constitutionally, only Congress has the authority to take on debt for the US Government; that includes how such debt is administered.

By MarkSHoyle (Bolo) on Sunday, August 28, 2022 - 08:19 am: Edit

Article yesterday, discussing several states who will tax the payoff as income....
Personally, they should put it in the Gift Tax line...

By Jeff Wile (Jswile) on Sunday, August 28, 2022 - 03:42 pm: Edit

Chuck Strong: agreed, congress has the authority.

But that is not what the Biden Administration is doing.

Unless a divided Congress can find a way to pass a bill that the current occupant of the White house is willing to sign, SVC may well be proved right.

Sadly, it may be a year or more before the Supreme Court makes a decision, and that will be at least one tax filing date late, probably two.

Account Nightmare just might be a gross understatement.

By Steve Cole (Stevecole) on Monday, August 29, 2022 - 01:05 am: Edit

Youtube has several channels discussing the legal theory behind the forgiveness and why it doesn't hold water.

By Ginger McMurray (Gingermcmurray) on Monday, August 29, 2022 - 09:18 am: Edit

There are many things the parties like to try and sneak past using tactics like this that need to actually be voted on but are never allowed to get out of the House or Senate.

By MarkSHoyle (Bolo) on Monday, August 29, 2022 - 10:40 am: Edit

Whatever the President puts on paper...
Congress still has to allocate the money....
Doesn't matter what he wants, until they
release the funds....

Considering the whining over the money for the border wall, we'll just have to wait and see....

By Steve Cole (Stevecole) on Monday, August 29, 2022 - 01:59 pm: Edit

Well, if the Prez says "clerks, mail everybody a letter saying their balance is reduced by $10K ($20K if they had Pell Grants)" then the clerks will do that no matter what Congress says. Congress or someone else will have to go to the courts to get the courts to order the Prez to order the clerks to reverse the action.

By Jeff Guthridge (Jeff_Guthridge) on Monday, August 29, 2022 - 04:03 pm: Edit

Right... It would not be the first time a politician promised something juicy to someone, and when Congress said, "You can't have the money for it." the politician told Congress "Ok, you tell [the person expecting the freebie] that they won't be getting it."

We seem to be living in the days of gotcha-politicking much like the previous era of gotcha-journalism.

As a celebrated commentator used to remark, "It's hard to fight Santa Claus."

By Jeff Wile (Jswile) on Monday, August 29, 2022 - 04:21 pm: Edit

My wife got a gift sign from a co-worker.

It reads “... You can’t please everyone. You are not a taco...”

By Steve Cole (Stevecole) on Monday, August 29, 2022 - 05:30 pm: Edit

The supremes won't reverse this mess before the mid-terms, which is frankly the entire point.

By Steve Petrick (Petrick) on Tuesday, August 30, 2022 - 04:25 pm: Edit

While some have noted that the President does not have the "power of the purse" a deomcrat Senator (not sure if he is current or past) noted that President Trump had gotten Congress to pass legislation for the covid emergency that included a provision that, according to this senator who was speaking to FOX, enabled President Biden to in fact "spend" the money on student debt. If so, the Supreme Court would have no say in the matter at this point (the legislation would be about three years old by this point).

By Steve Cole (Stevecole) on Tuesday, August 30, 2022 - 11:27 pm: Edit

That is the HEROS act and the case to claim what Biden did fits inside it is very weak. Nancy Pelosi says it's wrong, he cannot do it, not that way, not any other way.

By Jean Sexton Beddow (Jsexton) on Wednesday, August 31, 2022 - 05:24 pm: Edit

Gentlemen, you are walking the edge of the Political Swamp. Please step away.

Jean
WebMom

By Jeff Wile (Jswile) on Thursday, September 01, 2022 - 01:46 pm: Edit

Jean Sexton Beddow:

Correct me if I am in error, but , really, are not SVC and SPP two of the individual’s who actually determine what the boundaries ARE for what constitutes the Political Swamp?

By Jean Sexton Beddow (Jsexton) on Thursday, September 01, 2022 - 02:03 pm: Edit

Jeff,

Nope. I do. And Allie and Ally.

Jean
WebMom

By Dal Downing (Rambler) on Thursday, September 01, 2022 - 02:53 pm: Edit

Jeff,

You may need to reread the section rules. It does states twice SVC or Jean have the power to shut down any discussion at will.

Now yes, I am sure SVC could over ride Jean but, and this is just personal opinion. You would be a far far far braver man than me to bring it up to him. I think he would be highly unamused if you bothered him over Jean screaming, Release the Alligators!!!

By Steve Cole (Stevecole) on Thursday, September 01, 2022 - 02:56 pm: Edit

No, Jean can overrule me.

By Jeff Wile (Jswile) on Thursday, September 01, 2022 - 04:30 pm: Edit

Hmm.

From a Government /Structure point of view, Jean could usurp the ruling functions of ADB at any time, and unless either Steve objected, no one out side of the offices at ADB would ever know...

Heck, Jean could have taken over years ago, and none of us public patrons would have ever suspected a thing.

Jean, are you a member of the Illuminati?

By Jason E. Schaff (Jschaff297061) on Thursday, September 01, 2022 - 04:41 pm: Edit

Hmmm... After that, I would not be surprised if Mr. Wile suddenly disappears under mysterious circumstances.

By Mike Dowd (Mike_Dowd) on Thursday, September 01, 2022 - 06:27 pm: Edit

That, or have a mysterious fall from a 6th story window like so many opponents of Putin these days...

By Kosta Michalopoulos (Kosmic) on Thursday, September 01, 2022 - 07:55 pm: Edit

Yes, there seems to have been a run of "bad luck" among Russian oil executives lately...

By Jeff Wile (Jswile) on Thursday, September 01, 2022 - 08:00 pm: Edit

A case study on how to remove a troublesome person.

Grigori Rasputin.

Personally, i think the Cyanide laced food, followed by three glasses of poisoned wine should have been enough.

Didnt kill him, so at the last minute the conspirators had to scrounge up a hand gun, and shot him twice!

And still didn’t kill him.

Russians!

(There is a persistent rumor that the British were worried that Rasputin would convince the Czar to agree to a separate peace with Germany, conspiracy buffs claim the final shot to the head was administered by a British agent. Of course, there is no proof either way...)