It is rather hilarious.
Jason Furman pointed out that a debt cancellation has tax consequences if the legislature keeps the existing law. Then he caught an avalanche of college graduates, few of whom could tell the difference between and executive order and tax legislation.
The point being, what was all that education about, then? If the graduates are so clueless, they will default on their taxes as easily as they defaulted on student loans. Ultimately I had to take out a property loan and pay mine off for employment reasons.
But then later, I ditched a shitload of capital gains taxes and went to shadow banking in cash for twenty years. I filled out the tax returns, acknowledged the debt, then went dark until the taxes due hit the IRS round file. Then I was a slumlord before retirement, all cash.
My tax comlaint was that I never took money from the stock account, I let it ride up and down. But some bad law on mergers and stocks let the IRS ding me for cash I nave had when the stock hit its peak.
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