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[–] HeavyBrain ago
Euro fag here, how would 100k abstraqct debt turn into 30k real when the taxpayer foots the bill?
[–] uvulectomy 0 points 2 points 2 points (+2|-0) ago
$30k was a quick guesstimate, but here's how it works. When debt is forgiven or cancelled, the creditor sends you a Form 1099-C for that amount. It's treated as income for the year, and is therefore taxable.
The 2019-2020 tax brackets for single individuals is as follows.
So to figure out how much in taxes you pay, you take your taxable income and divide it up into those brackets. The first $9,700 is taxed at 10%, the amount between $9,701 and $39,475 is taxed at 12%, and so on. So for $100,000 in taxable income, that equates to a tax bill of $18,174.28 or roughly 18%.
However, that's if that $100k forgiven loan is their only income for the year. But that taxable income is added to all other taxable income they have. So if they're making $100k/year in taxable income in SFO doing some liberal-arts shit (and $100k is barely getting by because cost of living is obscene in that shit-hole), that means their total taxable income for the year is $200,000. In that case, their tax bill is $45,585.96 or about 22.8%
According to the IRS, the only exceptions for student debt forgiveness are:
The vast majority would likely not fall under these exceptions, so that 1099-C income would be taxable. Sure there are deductions and whatnot that I'm not factoring in, but the point is that if they have their loan forgiven, it's treated as if they suddenly made a lot more money that year, even if they never saw or spent a dime of that amount. And the IRS will want a piece of that.
[–] HeavyBrain ago
Well shit.
Not sure how it works here, propably similar but I know for sure that stuff like college debts wouldn't factor into it, even for the reason jsut because the gov called/ treated them differntly.
Well shit US liberals be careful waht you wish for or change the tax code beforehand, but I doubt that too many of them will consider this.