Some Life Lessons Need to Be Hard - TribPapers

Some Life Lessons Need to Be Hard

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North Carolina – North Carolina Governor Roy Cooper has called on the NC General Assembly to make the Biden Administration’s student loan forgiveness exempt from state income tax.

For those unfamiliar with student loan forgiveness, the Biden Administration has said anyone making less than $125,000 for individuals and $250,000 for married couples can get up to $20,000 in loan forgiveness if they qualify.

Now, Cooper wants the loan forgiveness to be viewed as income to the recipients by the state and to allow the recipients to walk away with tax-free money. Let’s look at the loans and the loan forgiveness.

For the most part, student loans are scams 

Loans to go to college are a scam for the most part. You are asking young skulls of mush, fresh out of high school, to decide what they want to do for a career. Most have no idea what they want to do, and unlike other loans, you don’t have to show a credit record or put up collateral. They don’t and have no visible means of repayment. They enslave themselves to the government or loan companies for future earnings without even understanding how they are financially crippling themselves.

College is not for everyone, and it has nothing to do with whether they are smart or not. It has to do with what their proclivities are in life. Some should go to a vocational school or become apprentices in some trade like plumbing, welding, mechanics, or electricity.

Students are told that they should all go to college, with no exceptions. Not true. However, colleges and universities want students to think and feel less than normal if they don’t go. This lie helps these institutions of higher learning to raise tuition and forces students who can’t afford college to take out these loans, which they may never be able to repay with a degree in basket weaving or classical music theory.

The unfairness of loan forgiveness

Is it really fair for Biden to forgive these students’ loans? First of all, where does the President get the power to forgive loans? I didn’t see that one in the Constitution, and only Congress has the power to spend money to cover the payment on the loan forgiveness. It really is a political stunt to help in the upcoming elections. A bribe, if you will, to get these students to vote Biden’s way.

So with this forgiveness, who gets the bill for the estimated $400 billion-plus cost? You guessed it, the American taxpayers. As CNBC reported, “the National Taxpayers Union, a fiscally conservative advocacy group, estimates that it could cost each taxpayer $2,500. 

How is that fair to the taxpayers? How do you tell the student who chose not to take out a loan to go to school but paid for it by working their way through college or going to work? Now you’re going to pick their pocket to repay the loan for a college grad that should be making more than the one that chose to go to work? Tell me, how is that fair? It’s not!

Is it possible to tax loan forgiveness?

As for Cooper’s plan to let these former students that are eking by on less than $125,000 annually get away without paying taxes, I think it’s a bad idea. There must be consequences for one’s actions, even if one is too young or uninformed to understand them.

If anyone should pay the consequences, besides the borrower, it should be the colleges and universities that lured these students into enslaving themselves for a piece of paper, but I digress. Some of these colleges are sitting on millions and billions in endowment funds. According to US News & World Report published this month, Harvard University has the largest endowment fund at $53.2 billion. Let the colleges and universities bear the responsibility for their actions.

No, Cooper has a bad idea, and these students need to pay their windfall taxes at the least. Some life lessons need to be hard ones so you don’t forget them.