(((tedfrank)))

@tedfrank ↗

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Last Checked Aug. 30, 2022

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Wed Aug 24 15:06:37 +0000 2022

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(((tedfrank))) @tedfrank

@brian_wolfman ARPA exempts debt cancellation from federal taxable income through 2025. States that piggyback off of federal determination by default will also treat it as non-taxable. Don’t know if any states require bespoke income tax forms rather than accepting the 1040 with modifications. — PolitiTweet.org

Posted Aug. 24, 2022

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(((tedfrank))) @tedfrank

@LeonHWolf <drake pointing meme with “Control-W” and “Control-T”> — PolitiTweet.org

Posted Aug. 24, 2022

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(((tedfrank))) @tedfrank

@BryanGivi @RosenzweigP @jadler1969 What’s the basis for a challenge to state tax law? Debt cancelation has long been considered taxable income. ARPA had to specifically carve it out to avoid that problem (and the provision sunsets in 2025). — PolitiTweet.org

Posted Aug. 24, 2022