CANADA MORNING POST (TORONTO)
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I wrote a letter to President Biden asking him for forgive my share of the Federal Debt while he is in the forgiving mood. I figure, this is only fair.
President Biden is poised to use executive action to forgive $1.6 trillion in student loans. The individuals whose loans are set to be forgiven, signed for the loans with a promise to repay their loan.
The National Debt is estimated to be $87,000 per person. I did not sign any loan papers to apply for or promise to repay this debt, yet, no doubt, I will pay for it with my taxes. The $1.6 trillion that Biden is prepared to forgive will be added to the National Debt and my tax burden.
Loan that are forgiven become taxable income. At least those who have their student loans forgiven will have to pay income tax on it.