IRS, Three Hundred Billion Dollars, Twenty Year discussed on This Weekend with Gordon Deal

Automatic TRANSCRIPT

The irs comes calling a couple hundred billion dollars in total here of the amount of debt that's owed or could be required to be though right now there's about there's more than three hundred billion dollars enrolled an income driven repayment so that's just the amount of money that's in these plant now keep in mind some people will pay off their debt before it reaches the twenty year mark and therefore they won't they will not based attacks i should clarify that if you're you know in this program called public service loan forgiveness there is no tax if you if you're in that plan but if you're a private sector worker you know yeah three hundred billion dollars of this one estimate was that about one hundred eight billion just in principle will be forgiven just for all of the ones that were issued through the past year so that doesn't include perspective ones but we're talking about a lot of cashier and but you but here's here's the thing that i should point out you know people don't have the money the irs might not be able to might be forced to cut you a deal or just might not be able to come after you if you can show the actually don't have the wealth to pay off these bills you know the the irs might just be forced to write off that debt so it's really a big problem because some people will be forced to pay you know even if if they have the cash saved up they might have to pay a lot but then you have this issue of if the irs forgive some of this that you know it's some people might get a bigger subsidy than than than than others and there's a fairness issue here anybody from another planet josh would look at this and go this is insane so you can't afford to pay for college so you borrow then you can't really afford to pay it back so you postpone it and just pay a little bit and then you can't afford to pay what you owe from the government and that all might go away too yeah he was talking with someone one of the higher education trade groups this i was talking with someone who is who is the head of this trade group and he was around when they passed this law and you know they he said that people do not pay attention to this idea that forgiven mouth would be taxed it would just kind of something was it was like they they over it was never site and so i think what's happening now is as we get closer to the people you know reaching the twenty year mark we aren't there yet but you know as things could get closer to that point people are starting to realize there's gonna be a big problem josh wall street journal reporter josh mitchell who's based in washington twelve minutes now after the hour on this.

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