A Student Loan Forgiveness Bonus

Writing off President Biden’s student loan is the gift that keeps on giving unless you’re the sucker who paid off your loan or didn’t go to college. Thanks to a little-known provision in the March 2021 Covid spending bill, student borrowers will get a hefty tax benefit on top of their $10,000 or $20,000 in debt forgiveness.

Progressives began hounding Mr. Biden for lending while he was still campaigning, anticipating a perk in last year’s $1.9 trillion US bailout. Destiny, sponsored by Sens. Elizabeth Waren and Bob Menendez, makes the loan forgiveness tax-free until January 1, 2026. The senators’ press release at the time boasted that this “paved the way” for President Biden to write off up to $50,000 in debt. And it did.

https://www.wsj.com/articles/a-student-loan-forgiveness-bonus-tax-benefit-congress-elizabeth-warren-bob-menendez-american-rescue-plan-11661807515 A Student Loan Forgiveness Bonus

Alley Einstein

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