US Politics Mega-thread - Page 3764
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Now that we have a new thread, in order to ensure that this thread continues to meet TL standards and follows the proper guidelines, we will be enforcing the rules in the OP more strictly. Be sure to give them a complete and thorough read before posting! NOTE: When providing a source, please provide a very brief summary on what it's about and what purpose it adds to the discussion. The supporting statement should clearly explain why the subject is relevant and needs to be discussed. Please follow this rule especially for tweets. Your supporting statement should always come BEFORE you provide the source. If you have any questions, comments, concern, or feedback regarding the USPMT, then please use this thread: http://www.teamliquid.net/forum/website-feedback/510156-us-politics-thread | ||
brian
United States9610 Posts
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JimmiC
Canada22817 Posts
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KwarK
United States41989 Posts
On August 24 2022 23:59 brian wrote: Do people still need to pay income tax on debt forgiveness? that’s going to be a pretty steep bill for taxes that everyone wasn’t expecting. Yes. | ||
Mohdoo
United States15398 Posts
On August 25 2022 00:22 JimmiC wrote: Is not more accurate to say that he was very unlucky with gas prices before? This is not a blip down, it is a return to more "normal". Things going from good to terrible to kind of bad benefits the president because people feel relief | ||
LegalLord
United Kingdom13775 Posts
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StasisField
United States1086 Posts
On August 25 2022 00:42 LegalLord wrote: Thankfully people remember that gas prices are $1 less than two months ago more than they remember that it's $2-3 more than a year ago. Good for midterm prospects. Still upset gas prices are going back down I see. | ||
LegalLord
United Kingdom13775 Posts
Household electricity prices are also reaching some seriously high levels - 1/6 of households are behind on their bills and it's not even winter yet. Absurd that we're still exporting our coal & LNG when US consumers are paying record prices. One in six U.S. homes, or 20 million households, have fallen behind on their energy bills as power prices rise and inflation eats up incomes, Bloomberg reports, citing data from the National Energy Assistance Directors Association (NEADA), which has said this is the worst crisis it has ever documented. In June, NEADA had already warned that “Electricity prices are expected to increase significantly this summer as result of rapidly rising natural gas prices, a primary feeder fuel for electricity and a warmer summer creating additional demand for electricity.” A total of 19.9% of all U.S. households reported that they kept their home at a temperature that felt unsafe or unhealthy for at least one month in the last year, according to the Census Household Pulse Survey, covering April 27 – May 9, 2022, cited by NEADA at the start of this summer. Now there will be “a tsunami of shutoffs,” Jean Su, a senior attorney at the Center for Biological Diversity, which tracks utility disconnections, told Bloomberg. Electricity prices in the United States have surged in recent months due to the rise in natural gas prices, which briefly hit on Tuesday $10 per million British thermal units (MMBtu) for the first time since 2008. Natural gas has the largest share of U.S. electricity generation, so the rally in U.S. benchmark gas prices is driving up electricity bills, too. Last year, the average nominal retail electricity price paid by U.S. residential electric customers rose at the fastest rate since 2008, increasing by 4.3% from 2020 to 13.72 cents per kilowatt hour (kWh), according to data from the EIA. In July this year, the average price U.S. households have to pay jumped by 15% year over year, for the biggest annual rise in data since 2006, according to Bloomberg. Source | ||
farvacola
United States18818 Posts
Depends on the circumstances, but generally yes, cancellation of indebtedness while solvent triggers income under section 108. However, programs like PSLF specifically exclude the forgiven amounts from taxable income, so something similar may be a part of the forgiveness here. | ||
Acrofales
Spain17851 Posts
I'm confused. Doesn't it depend a lot on how the debt was incurred? At least here in Spain it does. When my parents loaned me 50k to help buy a house, I had to explicitly tell the taxman that it was a loan, and then I didn't have to pay tax over it. Obviously my parents forgiving that debt I would then have to pay tax over it, as it is then no longer a loan, but a gift. However, my student loan was counted as income (although at the time that was irrelevant, because overall my income was low enough that it still fell in the tax-free bracket). So I already payed income tax over that, and if the government were to forgive that, I shouldn't have to pay income tax over it a second time. Right? | ||
farvacola
United States18818 Posts
On August 25 2022 02:17 Acrofales wrote: I'm confused. Doesn't it depend a lot on how the debt was incurred? At least here in Spain it does. When my parents loaned me 50k to help buy a house, I had to explicitly tell the taxman that it was a loan, and then I didn't have to pay tax over it. Obviously my parents forgiving that debt I would then have to pay tax over it, as it is then no longer a loan, but a gift. However, my student loan was counted as income (although at the time that was irrelevant, because overall my income was low enough that it still fell in the tax-free bracket). So I already payed income tax over that, and if the government were to forgive that, I shouldn't have to pay income tax over it a second time. Right? Generally, student loans are not income in the US. Wherever there's a corresponding obligation to repay, the money received isn't taxable. | ||
NewSunshine
United States5938 Posts
The payment pause is also extended once again, for the final time they say, to December 31st. | ||
Gahlo
United States35091 Posts
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Mohdoo
United States15398 Posts
On August 24 2022 23:59 brian wrote: Do people still need to pay income tax on debt forgiveness? that’s going to be a pretty steep bill for taxes that everyone wasn’t expecting. yeah paying income tax on it would also be insane. I'll wait until we hear the full thing from Biden. | ||
Mohdoo
United States15398 Posts
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LegalLord
United Kingdom13775 Posts
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JimmiC
Canada22817 Posts
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Fleetfeet
Canada2478 Posts
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farvacola
United States18818 Posts
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JimmiC
Canada22817 Posts
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Mohdoo
United States15398 Posts
So not only are they recalculating discretionary income (which determines how much you pay in income based repayment plans, which are what most people do), but you only have to pay 5%, down from 10%. And you're all square after 20 years. This is amazzzzzing. That and my wife and I will in total receive 40k from this. Booom babbbbyyyy. Stoked for this. | ||
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