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Payday loan ads on social media leave youth susceptible to heavy debt | Wallet Warning


Predatory payday lenders are using social media platforms to make dishonest claims promising instant cash with no credit checks, late fees, or interest rates. Many times, these “lenders” are getting around the rules of the platform.

Regina Morrison Newman

Guest Columnist

 

If you’ve ever needed extra cash to tide you over to your next paycheck, you understand the appeal of a payday loan.

Now, video ads on places like TikTok are promoting small, short-term loans to a new, young audience – and making them seem cheap and easy.

Remember, just because it looks simple, doesn’t mean it is. Predatory payday lenders are using social media platforms to make dishonest claims promising instant cash with no credit checks, late fees, or interest rates.

Many times, these “lenders” are getting around the rules of the platform. TikTok and Meta have rules restricting ads for short term/payday loans, but some have found their way through.

Payday loan ads on social media leave youth susceptible to heavy debt | Wallet Warning


Predatory payday lenders are using social media platforms to make dishonest claims promising instant cash with no credit checks, late fees, or interest rates. Many times, these “lenders” are getting around the rules of the platform.

Regina Morrison Newman

Guest Columnist

 

If you’ve ever needed extra cash to tide you over to your next paycheck, you understand the appeal of a payday loan.

Now, video ads on places like TikTok are promoting small, short-term loans to a new, young audience – and making them seem cheap and easy.

Remember, just because it looks simple, doesn’t mean it is. Predatory payday lenders are using social media platforms to make dishonest claims promising instant cash with no credit checks, late fees, or interest rates.

Many times, these “lenders” are getting around the rules of the platform. TikTok and Meta have rules restricting ads for short term/payday loans, but some have found their way through.

Is Student Loan Forgiven Taxable ? Cancellation

August 25, 2022

Jared Walczak


President Biden
’s announcement of 

student loan debt forgiveness
 is already raising many questions. How much will it cost? Who will benefit the most? How will it contribute to 

inflation
? Does the president even have the legal authority to implement this loan forgiveness?

Here’s one more question to add to the mix: will states consider student loan forgiveness a taxable event? In some states, the answer could be yes.

As a general rule, a discharge of indebtedness counts as income and is taxable, as my colleague Will McBride 

explains
. Under § 9675 of the American Rescue Plan Act (ARPA), however, the forgiveness of student loan debt between 2021 and 2025 does not count toward federal taxable income. States which follow the federal treatment here will likewise exclude debt forgiveness from their own state income 

tax base
s. But, for a variety of reasons, not every state does that. There are at least six relevant interactions with the Internal Revenue Code (IRC) for purposes of the treatment of student loan debt cancellation. States could:

1. Conform to the current version of the IRC with ARPA (exempt)

2. Conform to the current version of the IRC but decouple from ARPA (taxable)

3. Not fully conform to the current IRC but bring in the relevant ARPA provision (exempt)

4. Not fully conform to the current IRC but separately exclude student debt cancellation (exempt)

5. Conform to a pre-ARPA version of the IRC (taxable)

6. Selectively conform to the IRC or adopt independent definition of income (taxable)

Last Friday, we provided a list of states with the potential to tax student loan debt forgiveness. This is an evolving issue because some state laws are expansive enough to provide administrative authority to exclude student loan debt discharge if so desired, or for state officials to announce that they believe they have the authority to do so under provisions of existing law, particularly those pertaining to the discharge of student debt in narrower existing circumstances.

Additionally, an earlier version of this post relied on slightly out-of-date

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