By Chris Kramer:
Student loan forgiveness keeps rearing its ugly head. But those who believe in liberty, accountability, and individual rights will never agree that it is a good, or even moral, idea. On the other hand, authoritarians who have little or no regard for these values will probably not stop pushing for loan forgiveness any time soon.
(Why ppl who reject what this country was founded on want to keep living here is beyond me. But I digress. That is a discussion for another day.)
So, I have a solution to propose that can make both sides happy. Let’s give every income tax payer an income tax credit every year. The size of the credit would be the lesser of $5,000, or the amount of income tax paid. This amount could be carried over from previous tax years. For those with student loans, the credit is mandatorily transferred directly to paying down the student loans. For those without student loans, the credit mandatorily decreases their income tax liability for that year. For those whose credit exceeds their income tax liability, they receive the remainder of the credit to use however they see fit.