HIGHER EDUCATION ROBBERY: American taxpayers will be forced to pay an average of $2500 each if student loans are cancelled

Many American taxpayers have not realized it yet, but they are going to pay a hefty price if the Biden administration’s plan to condone student loans of up to $20,000 pushes through.

While the amount to be passed on to taxpayers varies according to the income spectrum, where those in the upper brackets are going to shoulder more, it will still cascade to the lowest level.

According to the revised estimates from the National Taxpayers Union (NTU), the average burden per taxpayer will amount to $2,503.22, based on the specifics of Biden’s loan cancellation plan.

Computations show that low-income taxpayers, or those earning between $1 to $50,000, would have an average additional cost of $190. Those whose gross incomes fall between $50,000 and $75,000 would shoulder $1,040, while those earning between $75,000 and $100,000 would shoulder $1,774. For those with incomes of $100,000 to $200,000, their share would be $3,791.

High-income taxpayers earning between $200,000 to $500,000, would have an additional cost of $11,940.

The “generosity” of the Biden administration doesn’t end here, as the plan also entails that “loan balances will be forgiven after 10 years of payments, instead of the current 20 years under many income-driven repayment plans, for borrowers with original loan balances of $12,000 or less,” according to a Department of Education statement.

Those who object to the loan write-off argued that Biden’s forgiveness plan will incur more debt for the government – between $330 billion and $390 billion, according to the Committee for a Responsible Federal Budget.

But the Biden administration isn’t thinking about that. All it wants is to get the public’s approval and raise its plunging trust ratings in time for the midterm elections. (Related: Biden’s plan to write off student loans using post-9/11 national emergency law is a form of political posturing.)

Visit JoeBiden.news for more news about the controversial policies of the Biden administration.

Watch this video about Joe Biden’s “Student Loan Forgiveness” bribe.

This video is from the high impact Flix and more!!! channel on Brighteon.com.

More related stories:

Former Trump adviser: Student loan forgiveness plan likely to backfire on Dems.

Shocking number of college students think their student loans will be forgiven.

Massive student loan fraud scam: 99.8% of repayment data fraudulently altered by schools.

The college tuition student loan bubble scam explained.

Sources include:

CNBC.com 1

CNBC.com 2

Ed.gov

Brighteon.com