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How many of those people who got debt relief are going to be unable to pay for the extra taxes from the imaginary 10k of income they received? It's not like their bank accounts or income changed at all, what the fuck.
Officially, "bad debt" is taxed like income in order to prevent people from dodging taxes by re-categorizing income as loans you failed to pay back.
In practice, this ends up being just another means of doing a regressive "poor tax" aimed at folks least capable of protesting it.
That's me lol, in NC
I'm looking at 20k of relief potentially and there's zero chance I could afford the taxes on that
So I guess I won't be taking it now? Unsure what to do.
take the forgiveness. state revenue auditing is even less funded than federal, which is a joke. they tend to go after people who can and will pay, not lots of little broke people.
if it were me, I would find a way to not even declare it and make them figure it out and come after me, if they even can. if they manage to figure it out and come after me, it's gonna be much less than the amount forgiven and when people owe more tax than they have on hand, there are all manner of favorable ways to enter repayment and negotiate it down.
also, most red states have token state income tax.
long story short, plan to take it and ask around about state level avoidance / mitigation strategies.
Guarantee they'll use this to come out with "see? They LOVE their debt and HATE forgiveness!!!"
Exactly my thoughts, effectively making this "relief" a short term punishment to anyone who takes it who isn't having the entirety of their debt wiped out.
Makes that chud post from yesterday saying they weren't going to apply for it an actual thing struggling people may have to do in NC or other chud states that decide to follow suit
Damn, maybe if we call them out on it they'll change their minds.
spoiler
They did not change their minds.
Someone get Mueller on this. We need an investigation. That'll teach em.
They love taxes. Texas residents outside the top 1% pay more per-capita than their California peers.
Conservatives love playing with other people's money. They just don't want to ever lose control, for fear that one day it'll be the government coming after their paychecks in turn.
It was a watershed moment for me when I fully internalized that Republicans, from the highest level politician to the common voter, to not actually believe a word of their own bullshit. There's not anything to them except hatred of the poor and minorities and there never was.
Wishing the chuds to eat massive shit in the mid-terms. I will genuinely spite-vote for the democrats because of this.
I was already mad that the forgiveness would still leave me with a solid chunk of debt but now this shit is just ridiculous. Gonna burn a bitch down brb
I'm thinking more and more the Republicans have really spoiled their chances for the midterms
Bust also, they got one of their #1 policy goals achieved, so most of them are probably willing to accept that
Bust also, they got one of their #1 policy goals achieved
Nicolae Ceaușescu famously rejected the standing Soviet position on abortion in hopes that he could goose his country's population growth. A number of social scientists have commented at how the subsequent generation of Romanians was adamantly against the Ceaușescu government, ultimately leading to counter-revolution and his own trial and execution.
The whole Quiverfull theory of politics is completely divorced from the material conditions of the population it creates. All the homeschooling and indoctrination in the world won't keep a subsequent generation from rebelling in the face of deplorable quality of life. Neither will it ingratiate you to the modern day population that was subjected to your draconian enforcement.
to be fair, I’d want to execute someone who took away my bodily autonomy as well
I think predicting a recession at this point is a bit off. We've been saying it for like four years, and instead of a big whole-economy meltdown, we've had all kinds of weird, contradictory, sequential ups and downs. Obviously capitalism's tendency towards crisis isn't going away, but the second-biggest economic player globally is smart, centralized, and stable. China's ability to whether crises without them spiraling out into a broader economic issue has ripple effects on the global economy that lend the entire system a weird sort of stability.
Like, COVID didn't trigger a recession. What will now? Plenty of people say we're currently in a recession based on economic growth/contraction, but little else in the economy responds to what we'd expect to see in a recession. Shit's weird.
The stars have aligned for the perfect crash and it has had me super anxious lately. I'd been considering getting on disability but like... at this point, I'm just going to try to hold onto the job I hate because at least it's stable and provides good health insurance. Fuck.
:RIchard-D-Wolff: argues both covid and right now are recessions. thing is not every 'crash' or 'bust' necessarily lasts years or cripples industry. by all accounts the level of unemployment from covid and the other disruptions constituted a crash, during which suffering was mitigated with enormous gov't spending, so it didn't last as long as it could've.
I saw a post on r/conservative on :reddit-logo: and they do not seem confident about the midterms.
538 (I know, I know) still projects that the house will flip red.
North Carolina is heavily, heavily gerrymandered. Hell will freeze over before the state turns blue.
Maybe the GOP realizes that being in opposition is much better fundraising position and they decided to be the democrats.
They've infested the whole judicial system with fascists, they probably realize they can weather losing a midterm.
We already tax unemployment benefits, literally money the government is giving to you, so this doesn’t really come as a surprise
I mean, this does come as a surprise because it's not actually money anyone is receiving. I wonder if there will be a court challenge.
Well how else is NC going to pay for the bloated bureaucracy at the DES to try to find any possible reason to deny your unemployment?
this can't possibly be legal. Sure if they were writing you a 10k check it's taxable, but they're not! it's not income!
It's silly but not the end of the world. It's taxable federally as well if your debt was before 2015 or after 2021. But even so the taxes will be less than the debt. Progressive tax system. If you have no income your taxes will be 0 at $10k. Now if they do the $20k thing for Pell recipients, only the second $10k will be taxed. If you have income then this could put you in a higher bracket. You may be taxed more but that's better than debt. People with 0 income but get $20k off will have it worst.
Nc has a 5% flat income tax. So $1000 for $20k of forgiveness. Not really sure what you could write off to get that down.
Straight up wont be able to pay that. Just going to go for it anyways I guess.
I might as well be zero income as well lol. My taxes are going to be fucked this year on top of the freelance crack down.
For those who need to know, the taxed amount is going to be 5%. If you were forgiven $10k, the state is going to rob you of $500, and if you were forgiven $20k, the state is going to try to rob you for $1000.
https://www.charlotteobserver.com/news/business/article265155796.html
all those stupid assholes who i talked to who moved to NC are going to love this
