“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