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In year 20 he pays income tax on the forgiven amount. He'd better be saving up for that.
by zardo 11y ago
In year 20 he pays income tax on the forgiven amount. He'd better be saving up for that.
- learc83 11y agoThat's never going to happen. Too many people are affected for congress not to act before the tax bill comes due. The economic effects are too large for them to ignore.
- s73v3r 11y agoMuch like the economic effects of not passing a budget, or the economic effects of a temporary government shutdown for petty reasons?
- learc83 11y agoMost people don't really care about government shutdowns because it doesn't directly cost most people much money. And, even then you'll notice the government never stays shutdown. If government shutdowns meant a huge chunk of the voting population (across both parties) was suddenly going to owe thousands of dollars in extra taxes, you can bet they'd never happen.