Campaign promise fulfilled: student loan forgiveness

[pdq]

C(-)ris wrote:
[quote=DeusxMac]
[quote=C(-)ris]
Can I get $20k because I have a mortgage...

As a matter of fact, the government will assist you.

Publication 936 (2021), Home Mortgage Interest Deduction

C(-)ris wrote: ... or a car loan?

IRS issues standard mileage rates for 2022

Bottom line, it's believed that it's more beneficial to society as a whole, that you get an education than that you get a car.
I would be happy to fund the student loan forgiveness as a DEDUCTION and not a CREDIT. There is a HUGE difference. A deduction will reduce your tax bill to zero and you won't owe anything, however you also will not get back more than you paid, any "refund" you get would be your own money that was withheld. Once you hit zero that is it. The Credit will provide $20k even if you paid in zero.
I have to address this, although it’s a ways back up the thread. No one is getting a tax credit or deduction out of this loan forgiveness (unless I’m mistaken). You just owe less on your student loan, up to $10K/20K less, or the remaining balance of your loan, whichever is lowest.