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I dont think you can ever write off tax and student loan.
I suspect the OP was asking figuratively...which type of debt would be more beneficial for the govt/financial sector to forgive to benefit the nation in general.
FWIW (and I certainly don't claim to be an economist!), seems to me that forgiveness of student debt might be more successful in getting more consumers back on a paying basis earlier in their lives. Most of that debt is incurred at a younger age and they would then have more productive years to contribute to the economy; in terms of buying homes, big ticket durable goods, to invest, etc.
Last edited by Parnassia; 04-19-2022 at 03:14 PM..
Does anyone think it would be a better idea to cancel Medical Debt rather than Student Loan Debt?
If Equality and diversity were the goal, wouldn't Medical Debt cancellation fit the bill better?
Student Loan Debt is debt owed to the Federal Goverment -- US Taxpayers -- from borrowers.
Medical Debt is debt owed to hospitals, doctors and the like.
Feel free to call your local hospitals and doctors and ask them to cancel everyone's medical debt.
Last edited by moguldreamer; 04-19-2022 at 04:14 PM..
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You really can't write off medical anymore, unless you have more than 7.5% of your adjusted gross income, and that would be rare unless you have no insurance and a major illness. I don't think either should be "forgiven" but better medical than student loans. There should be some control over the astronomical medical costs, but student loans were by their own decision, just like getting into debt buying cars, boats, or a house when you couldn't afford it.
If it is a state Uni there never should have been debt. Its the taxpayer guaranteeing privately owed debt simply for the privilege of attending a taxpayer funded institution.
If its a private Uni, that Uni and underwriters needs to be taxed like a private corporation; notwithstanding all the ways corporations/owners use to cheat and avoid taxes, of course, but only if that argument is to be believed.
Does anyone think it would be a better idea to cancel Medical Debt rather than Student Loan Debt?
If Equality and diversity were the goal, wouldn't Medical Debt cancellation fit the bill better?
Why cancel any debt? If equality were the goal then the government (aka taxpayers) should send out a check to all Americans to cover whatever ails them. It is unfair to reward certain groups for going into debt while others either paid it off or decided to find another way to pay for their desires. Think about the Army private that fought in combat in order to get the GI bill. You are going to pay off the gender studies major's debt as if they are contributing to our society?
Student Loan Debt is debt owed to the Federal Goverment -- US Taxpayers -- from borrowers.
Medical Debt is debt owed to hospitals, doctors and the like.
Feel free to call your local hospitals and doctors and ask them to cancel everyone's medical debt.
This.
Also, you can get rid of medical debt through bankruptcy. Not true with student loans.
I would rather see cancer patients have medical debt cancelled vs education debt cancelled .
Education debt is a choice , cancer isn’t
Last edited by mathjak107; 04-20-2022 at 07:45 AM..
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