> Canceling debt creates a taxable event for the person with the debt under the tax code. Under the current tax code, a forgiven debt isn’t always taxable. I

> Canceling debt creates a taxable event for the person with the debt under the tax code. Under the current tax code, a forgiven debt isn’t always taxable. I have represented student loan holders and had their student loans forgiven (6 figure debts), and they had no tax liability. And if student loans were forgiven it would be through the passing of a law, and it would be pretty trivial to include a provision that would remove any tax liability from student loan forgiveness. And if people had a $10k tax bill due immediately (which you completely made up), they would not be mad if they had $100k or $200k in loan forgiven. It’s funny how the $10k tax bill is your concern on one hand then you shift to saying it would be deeply unfair because the people with the biggest loans tend to be affluent. Affluent people don’t have student loans because their parents pay for their school. Otherwise the people with the most amount of debt are the biggest victims of the poorly designed system intended to indebt them for their entire lives.