The Taxman Cometh

Joe Biden and the irresponsible liberal spendthrifts in Washington, DC are busy trying to convince Americans that only rubes pay their debts, using a legally dubious maneuver to try to magically wipe over $500 billion of student debt off the books. But in North Carolina the highly educated and generally affluent (and overwhelmingly white, liberal and Democratic voting) group of beneficiaries of the Biden student loan write-off scheme are about to find out what the famous Beatles’ George Harrison meant when he wrote “I’m the taxman and you’re working for no one but me.” The North Carolina Department of Revenue just released guidance on how student loan forgiveness beneficiaries will need to treat their $10,000 to $20,000 taxpayer subsidized windfall for North Carolina tax purposes.  The short answer is program recipients will pay taxes on their benefit at the state personal income tax rate.