Student Loan Forgiveness

Waaaaaaaaaaay back in the day, during the savings and loan crisis, attorneys came up with a great idea: give the property back to the bank with "a deed in lieu of foreclosure". The bank received the property, without having to go through the time and expense of a foreclosure and the auctioning of the property, which at the time would result in the bank buying the property for less than the mortgage anyway. The borrower had the mortgage wiped out. Worked great until .................the IRS got involved and sent people a tax bill based on how much of the loan had been forgiven. That amount, under the law, is considered income and thus taxable, because all legal and illegal income is taxable under the law. All those new IRS agents will make short work of every borrower who fails to pay taxes on the student loans forgiven. If you pay it back, it's a loan. If the loan is forgiven, its income. Of course, someone else will be President when this happens and the dishonest lamestream media has failed to report on this. Just another day in progressive hell, where lying and cheating is de riguer,