A tax liability is incurred when ANY debt is forgiven.

quote:

Originally posted by maliciousintent:
A tax liability is incurred when ANY debt is forgiven.

This is not an “always” situation

Military student loan forgiveness for disabled veterans as an example

PPP loan forgiveness came with a 1099-misc and should have been recorded as other income for businesses.

When a creditor charges off a loan, they send you a 1099 as well.

I don't see this being any different from either of the above.

quote:

Originally posted by pentastarrail:
Bucky,
Yes. Loan Forgiveness 2.0.
He just signed it into law.
Below is what he did. (it's a few days old but you get the jist).

This is the typical Dem way, BUYING VOTES.
You have to remember, it's NOT just the kid that goes to school that gets the bonus, it's the parents/co-signer, we are talking MANY MILLIONS of votes he's buying.

https://www.cnn.com/2023/07/14...20loan%20forgiveness.

But.....it isn't law is it? How is this sh1t any different than the first go around? If it were to become law, it would need congressional approval right?

This has been standard practice starting with Obama. Per our Constitution, a law must pass the House & Senate, then be signed into law. But, starting with Obama, the president now just issues "Executive Orders" and then waits for someone to sue. Most of the time, the Republicans lack the balls to go to court, and even if they do, it takes years to get a resolution. So the president just legislates illegally.

And our freed oms circle the drain...

quote:

Originally posted by SlyFox:
But, starting with Obama, the president now just issues "Executive Orders" and then waits for someone to sue.

Not a President Obama supporter but it didn't start with him.

Joseph R. Biden Jr. issued 121 executive orders between 2021 and 2023

Donald Trump issued 220 executive orders between 2017 and 2021

Barack Obama issued 276 executive orders between 2009 and 2017

George W. Bush issued 291 executive orders between 2001 and 2009

William J. Clinton issued 263 executive orders between 1994 and 2001

Every President has issued executive orders. They have just used them in different ways.

quote:

Originally posted by pentastarrail:
Bucky,

https://www.cnn.com/2023/07/14...20loan%20forgiveness.

First problem is clicking on or even looking at CNN's website.

quote:

Originally posted by CURTIS REED:

quote:

Originally posted by SlyFox:
But, starting with Obama, the president now just issues "Executive Orders" and then waits for someone to sue.

Not a President Obama supporter but it didn't start with him.

Joseph R. Biden Jr. issued 121 executive orders between 2021 and 2023

Donald Trump issued 220 executive orders between 2017 and 2021

Barack Obama issued 276 executive orders between 2009 and 2017

George W. Bush issued 291 executive orders between 2001 and 2009

William J. Clinton issued 263 executive orders between 1994 and 2001

Every President has issued executive orders. They have just used them in different ways.

And how many of all of those were inconsequential orders, as opposed to killing oil pipelines, cancelling trillions in debt, etc?

Dictator Biden signed a bunch of Executive orders his first few months to cancel many of Trumps Executive orders. One of Biden's executive orders was to stop all oil and gas drilling on Federal land. You see how that ended up.
I assume many of the past Presidents Executive orders were to cancel previous Presidential orders.

Just thinking out loud, how many here got thier loans or childrens loans paid off? Be honest!

Pretty stupid not to take advantage of if available, but why should we pay for kids with blue hair that are getting a useless degree in a useless field so they can work at Starbucks or party with Hunter in Las Vegas?

I'm thinking many here got Covid money, I didn't get a dime. The blue hair kids were doing pretty well for not working collecting and getting Covid checks. Bet they didn't put it towards their college loans.

This whole nation is a mess!
I'm not rich but Im not abusing the system.

Gotta go, killdozers dont build themselves. Have a great day!

I didn't get a nickel of COVID money - said I earn too much to qualify. I didn't borrow money for college, for my kid nor myself. I read in the paper yesterday that the federal government paid $36 billion to save bankrupt Yellow Freight's pension fund for teamsters union members. At this point I'm pretty damn sick & tired of paying off other people's bad debts.

Curly used the correct title for President Biden, it was Dictator.

Webster has another term to accurately describe Joe Biden, the term is Megla Maniac. Driven by power and greed one of his "Tools" is his son Hunter. Joe Biden doesn't love his son he uses him like a tool to develop the financial means to support his greed and power. Hunter extorts money using his father's name and influence. He doesn't discriminate he will extort money from just about anyone, Foreigners, American citizens, simply anyone. You can confirm that by examining his track record, Utility Official's in the Ukraine, Public Official's in the Ukraine, Art lovers (????), Business people in China and Russia, anyone with wealth or influence. While he is extorting your money, more importantly he is stealing your dignity. You can get you money back but once you surrender your honor and dignity it is gone forever .

The really sad part is that Members of the Democratic Party blindly supports Joe Biden's corruption. They too are a "Tool". These are less than Honorable people, it appears they don't care or are too afraid to confront him. Given the benefit of doubt I'd like to think it's the latter, just afraid.

The President was elected to serve the People, instead he used that position to serve himself. When you examine Biden's track record it all becomes crystal clear, every edict he invokes is designed to control the Citizens of this Country. There is no limit to his quest for power, eventually his greed will become evident to everyone.

Remember the term: Megla Maniac? Go ahead, look it up in Webster's Dictionary!

The question is will the Citizens of this Country BE able to stop him? He now controls the DOJ and the FBI. He uses them as a weapon to enable him to exert his power while protecting the "Tool" to finance his greed. Global Warming is a ploy, Joe Biden never believed in it, he uses it as an excuse to dictate how you will live, what you will be allowed to do. It's an element of control.

My prediction is that Hunter Biden will never spend one day in prison, Daddy will never allow that to happen, the money stream would dry up.

Bob

I'm pretty sure you are referring to "megalomaniac"

Yep Mike, my tongue got in front of my eye tooth, I could see what I was trying to type.

Bob

Trump guys calling Joe Biden a megalomaniac. Priceless!

Not a Trump guy, never was Tony! Both of them are nutzzzzzz!


Bob

quote:

Originally posted by Lenny5160:
Trump guys calling Joe Biden a megalomaniac. Priceless!

Triggered snowflake with Trump living rent-free in his head 24/7 - priceless!!!

quote:

Originally posted by Lenny5160:
Trump guys calling Joe Biden a megalomaniac. Priceless!

Please explain the irony to us all.