Boots & Sabers

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1704, 29 Aug 22

Wisconsinites Face Tax Bill for School Loan Handout

Obviously, the best solution is to abolish the state income tax.

Joe Biden‘s student loan relief plan could trigger up to $1,100 in state-level taxes in at least 13 states because the $10,000-$20,000 in forgiveness could count toward an individual’s income when filing their taxes.




The top tax figures for New York and Wisconsin, $685 and $530 respectively, do not include consideration of top marginal rate ‘because it would apply to relatively few eligible beneficiaries’ of the plan.


1704, 29 August 2022


  1. Merlin

    This executive loan forgiveness sure looks like another designed fail created solely for short-lived warm fuzzies of good intentions. They have no real plan beyond an announcement of intent that vaguely satisfies a campaign promise made as a sop to get Fauxcahontas to suspend her campaign and endorse Biden. There’s no real upside to pandering to voters you already have in your pocket unless what you’re actually attempting is creating an illusion of paying for past considerations. They’d have to invent a new bureaucracy to implement this dream and they don’t have that much time left on the clock. The big, bad Republicans will assume blame for dashing yet another warm fuzzies dream. Ops normal.

  2. Jason

    Did the businesses that used the PPP fiasco have to pay any taxes on the amounts forgiven in the states that are expecting to tax these loans? I wonder if anyone has the common sense to research that.

  3. Merlin

    This is yet another circle back policy decision from Slow Joe.

    Unless Queen Nancy has completely relinquished control of the federal tax code to the White House this crap still has all the weight of a mere suggestion. Her relative silence so far makes you wonder just how onboard she is with any of it. Old Joe’s puppeteer should ask The Donald what happens when you don’t play nice with Pelosi.

    IRC might make student debt loan forgiveness federally non-taxable at some point, but like every aspect of this dream it hasn’t happened yet. States that rely on rolling acceptance of IRC for their own tax code are just as much in the dark as everyone else. Congress specifically exempted PPP. What will happen with this fiasco is anyone’s guess.

  4. Kevin Scheunemann

    Why don’t the Universities handing out the worthless degree pay? Academic Leftists deserve to be punished on this.

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