All Commentary
Monday, March 5, 2012

Government Will Tax Forgiven Credit Card Debt

“Billions of dollars in credit card debt that was charged off during the Great Recession— some of it decades old — is coming back to haunt borrowers in the form of unexpected tax bills. Debt that is canceled or forgiven is considered taxable income, something many borrowers don’t realize until they receive a 1099-C tax form from their lender.” (USA Today)

The taxman is voracious.

FEE Timely Classic
“Taxation Is the Lifeblood of the State” by Arthur E. Foulkes