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So paying taxes is “punitive”? wow……
only if you make less than $125K
No kidding. I’d like to talk to Rep. Porter about the punishment I take annually in that case, which far exceeds a few hundred bucks. I am sure he would be very sympathetic.
What!? People had debt forgiven, (or rather transferred to others who will have to pay it for them) so yes it is considered income by tax law, always has been, so there will be some tax due. Forgive me if I don’t agree with your term “punitive”. Those who received student loan forgiveness got a gift in my opinion.
Rod B — Rep Porter uses the term “punitive” in the article – I was mocking him.
This has about zero percent chance of happening IMO (the taxing of this forgiveness of debt). The PPP loans set the precedent for not paying taxes on forgiven loans and Indiana fell in line like everyone else to remove taxation on that as well.
Cody, I’m not sure I agree. You’re correct that Indiana followed the IRS’ lead on PPP, but they did not for the first $10,200 of unemployment comp.
The difference is that PPP was the result of legislation that explicitly gave the authority to forgive the loans with no tax consequences. The student loan move is relying on a dubious and unrelated emergency declaration that has nothing in it about the tax treatment of loans. Such are the consequences of skirting the legislative process and governing by fiat.
Ah, I didn’t realize that on the unemployment front Randy – thanks. Maybe it will come down to public demand – I think about 300,000 Hoosiers would be able to take advantage of this. I’m not sure how many people took advantage of the unemployment comp.
Forgiven, but not forgotten. Indiana government should be ashamed. Its a one-time gift. Legislators- the forgiveness was to help with the poor decisions made by the recipients. Lets not hit them with another bill.
If I win 10,000 at the casino can I not have to pay taxes on it? Because that’s basically what these people got was a winning
Yep.
Because Indiana doesn’t already have a surplus that they just had to payout …. Hopefully they use the taxes on the student loan forgiveness for early childhood education, or subsidizing daycare.