Massachusetts and 12 other states could tax federal student loan forgiveness, report says

  • by:
  • Source: CBS News
  • 07/20/2023
Massachusetts and 12 other states could tax federal student loan forgiveness, report says
Graduation. A Success. by Charles DeLoye is licensed under Unsplash unsplash.com
Some people getting federal student loan relief in Massachusetts might have to pay state taxes on it, according to a recent report.

The White House announced last week it's canceling up to $20,000 in federal student loan debt for millions of Americans. The Biden administration said that money would not be considered income on federal taxes.

But, according to an analysis from the Tax Foundation, an independent tax policy nonprofit, 13 states might consider it taxable income, including Massachusetts.
Graduation. A Success. by Charles DeLoye is licensed under Unsplash unsplash.com

Help FAIRtax Become The Number One Issue in 2024

Enacting the FAIRtax must be a prominent topic in these times. We did it before, we can do it again, but we need your help!

Help out with a One-Time Contribution

Your gift of $25, $50, $100 – even $1,000 or more if you can possibly spare it – will help FAIRtax.org bring an end to the IRS and promote a FAIRtax. So, I urge you, please give as generously as you can.

Billing information (REQUIRED)

Payment information (REQUIRED)

To donate by check:
Americans for Fair Taxation
PO Box 4929
Clearwater, FL 33758

If you need to make changes to your existing Monthly Re-Occurring Donation with new card or billing address information, then Please call Adam Yomtov our New York State Co-Director. He is assisting with the administration of our donations, technology services, and website.

Please note: Inputting your new information at our website won't update your donation. The only way to update is by calling Adam Yomtov 917-689-3931 mobile.

Americans for Fair Taxation® is a 501(c)(4) non-profit, non-partisan grassroots organization solely dedicated to replacing the current income tax system with a fair, simple and transparent national consumption tax – the FAIRtax® Plan. We rely entirely on contributions from concerned citizens like you who want a tax system that will generate jobs and stimulate the economy. Welcome to the FAIRtax team!

Connect

Share

© 2014 - 2024, FAIRtax, all rights reserved
Privacy Policy | Terms of Use