Some states to tax student loan handout funds

| September 9, 2022

Many individuals, who received information that they may qualify for student loan forgiveness, felt relief. However, for those who are in specific states, the amount of loan forgiven can be taxed. In these situations, paying the tax would still be a better option for the borrower than to pay the amount that was forgiven.

From Fox News:

Mississippi borrowers making less than $125,000 per year may have $10,000 of student loan debt forgiven and may owe an additional $500 in taxes.

Pell Grants are typically given to borrowers who need more help financially. These borrowers are eligible for $20,000 in student loan forgiveness and may owe an additional $1,000 in taxes.

“It feels in a lot of ways like a tax on being poor,” Stegall said.

So far, Mississippi, Minnesota, Wisconsin, Massachusetts, Arkansas, Indiana and North Carolina have announced plans to tax the student loan handout funds. But if you file in Virginia, Idaho, New York, West Virginia, Pennsylvania and Kentucky, don’t expect to be taxed.

Rhode pointed out that the amount taxed would be small compared to the thousands of dollars being forgiven.

“If you had to pay $1,000 of income tax in Mississippi or $20,000 plus interest over time, you know what the thousand dollar tax bill is a blessing,” Rhode said.

Stegall said the tax has felt like anything but a blessing. According to ZipRecruiter, the average college graduate in Mississippi has been making just over $32,000 per year.

“It’s not easy at all when you’re, you know, you’re trying to make ends meet and you’re trying to build a life for yourself as a young person,” Stegall said.

Fox News has the rest of the story.

Category: Joe BIden, Society

28 Comments
Inline Feedbacks
View all comments
Anonymous

Haha!

Sparks

Great! Tax the shit out of them.

Hack Stone

Just an opportunity for them to “get some skin in the game”. They should be happy, because those tax payments will finance much needed programs to benefit the disenfranchised.

AZRobert

Would you like fries with that…

Anonymous

comment image

Berliner

The donkey needs a pile of sh*t behind it… a big pile.



26Limabeans

I’m still wondering if the $850 Janet Mills gave everyone in Maine is going to be taxed. She said it was our money being
returned so now we can get taxed twice on it.

Hack Stone

In Maryland, your state tax refund is considered taxable income for the following year. So they hold your money for a year, give back to you what is not your tax burden (with no interest), then they tax that refund as income. So you pay twice on income you earned two years prior. Kind of like picking up a spare while bowling.

26Limabeans

Candlepin or ducks?

Hate_me

Huh. Seems to me like Maryland has been revolting for as long as I can remember.

Why do the rebels keep shooting each other?

Hack Stone

There was one particular revolting Marylander who used to live on Wilson Lane in Bethesda. Now he lives in his Jaguar down by River Road.

Graybeard

Sounds ’bout right.

AW1Ed

Well, there is the minor issue of the constitutionality of Medicated Joe absolving debt by decree in the first place. Some have a problem with this, go figure.

Hack Stone

Go $200,000 in debt to earn a degree for a job that if you are lucky will earn you $35,000 a year. Yeah, the cost/benefit analysis on line course that you signed up for sure paid off.

Off course, everyone wants their employees to hold a degree. Did you know that in order to be an entry level bartender in new York City, you have to possess a degree in economics and international relations from Boston University?

26Limabeans

BU hockey can open doors in case the classes don’t pan out.
Just ask Ted Danzen

A Proud Infidel®™

BWUHAAAAhahahahahahahahahahahahaha…

I make damn good money in a Blue Collar Job where I paid my own way for the training, so why the asswipe mudda-fuck do I have to shell out for some loser’s six-tear attempt at a Degree in Lesbian Dance theory or Gender Studies which are more worthless than a fourth hand used dildo?

SFC D

I hear ya. I make 6 figures with a high school diploma (GPA was in the basement) and a trade I learned in the Army. Too bad everyone’s too fat and/or stupid to qualify for enlistment now;.

26Limabeans

The Army Signal School at Ft. Monmouth opened doors.
Big doors. God bless America!

Sarge

Six figures here with job, disablity + retirement. Wifey is loving the high life right now. GG series > GS series if you ask me.

Commie-Tsar

Oh no… I hope they don’t come after me for my loans! I wanted to use the money to get me a bigger street medic bag!

Prior Service

Ha ha. Wait, so they are taking my taxes to dispense Lib Largesse to the stupid in order to get their vote, but now they have to pay taxes on it. Might turn one conservative. The truth is that probably most are in the “I don’t pay tax-bracket” but it would be sweet if this freebie bumps them up into an actual bracket.

USMC Steve

Not many, it won’t. Remember you are dealing with libtards overwhelmingly. They don’t usually pick up on little details like that. It would mean taking difference with the hivemind created by their liberal uberlords.

KoB

Oh cry me a river you whiney ass POSes. I’d pay $500 all day long to get a free 10 grand. Go dry your crocidile tears and blow your snotty nose with your worthless sheepskin. Oh, and BTW, Bill the Lineman will be by later today and disconnect your power from the pole in the front yard.

Hack Stone

Hack Stone received several phone calls from “Pepco” this week informing him that his electricity will be turned off this afternoon for lack of payment. How come everyone who works at Pepco has an Indian accent?

Devtun
Hack Stone

Hack Stone saw a commercial on Friday stating that under Joe Biden’s Inflation Reduction Act, the average American will save $1800 annually on their energy costs. Of course, Barrack Obama said that under the Affordable Care Act Americans would save $2500 each year on health costs.

Anonymous

If you like your energy, you can keep your energy.

RCAF-CHAIRBORNE

I hope this doesn’t give Comrade Justine Castro Turd-eau any ideas