Remember when President Biden said that his administration will forgive as much as $20,000 per person in student debt? It turns out there’s a possible catch. mzinshteyn, our higher ed reporter, breaks it down.
The U.S. Department of Education wouldn’t tell CalMatters whether the debt forgiveness plan will be executed through section 1098e. Instead, a department spokesperson said to read the Biden administration’s. CalMatters asked the California Franchise Tax Board lawyers to review that federal memo Thursday but we haven’t gotten an answer yet.
The upshot: For a childless single filer earning $50,000, taxing $10,000 in forgiven debt would raise that person’s state income tax bill by about $800,Whatever action Atkins and Rendon push through, they’ll need Gov. Gavin Newsom’s signature, wrote Katie Talbot, a spokesperson for Rendon, in an email Friday evening. And state lawmakers need to act fast. If the debt forgiveness is taxable now, a law changing that will need to be in place before Californians start filing their 2022 tax returns.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
PolitiFact - Charlie Crist misleads on Ron DeSantis' record on taxesAlthough Florida Gov. Ron DeSantis has signed legislation to revise Florida's online sale tax, the law neither established a new tax nor targeted only the middle class.
Read more »
PolitiFact - Charlie Crist misleads on Ron DeSantis' record on taxesAlthough Florida Gov. Ron DeSantis has signed legislation to revise Florida's online sale tax, the law neither established a new tax nor targeted only the middle class.
Read more »
Young Americans' Approval of Biden Soars After He Announces Student Debt Cancellation'Looks like removing crushing debt burdens for families is a political winner after all,' said owenslindsay1 of Groundwork. 'The centrist economists turned political pundits got this one wrong.'
Read more »
US national debt nears $31 trillion and countingThe Biden administration has claimed progress reducing the annual budget deficit, but total U.S. debt continues to climb to record highs.
Read more »
Former California Dem leader rips Kamala Harris for using Biden as 'meal ticket' to presidencyFormer Democratic leader of the California State Senate Gloria Romero slammed VP Kamala Harris, saying she is using Biden as a 'meal ticket' to the presidency
Read more »