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