I think that's a little harsh. OP is in the 32% bracket and contributing a healthy amount to the federal kitty. Most of us try to reduce taxes as much as possible and game the system to the extent we can by tricks like backdoor Roth, dying and paying no taxes on lifetime saving accumulation to leave to heirs, which promotes wealth concentration, etc. Compared to the really egregious stuff practiced by the billionaire class, this case seems pretty innocuous to me.Do you really not see what's going on here...???
You're a very fortunate person with a high wage and lots of money already. In fact, more money than many people will ever have.
When you write the "loan is forgiven by the government" you must realize this really means it's forgiven by your fellow US taxpayers. Some of the same people who are providing you FREE financial advice on this very forum.
And since the government doesn't really have any money of its own, it levies taxes, so those loan payments (i.e. accounts receivable) that you're not making will have to be paid by other US taxpayers, many of whom are less fortunate than you.
This is basically the equivalent of a "dine and dash" which just raises menu prices for everyone else.
Statistics: Posted by Outer Marker — Sat Jul 06, 2024 9:50 am — Replies 16 — Views 1780