Wisconsin borrowers will owe taxes on forgiven student loans and the Marquette poll turns 10

Milwaukee Journal Sentinel
·4 min read
104

Wisconsin borrowers: Prepare to pay state income taxes on forgiven student loan debt

  • Under President Joe Biden's loan forgiveness plan, borrowers earning less than $125,000 annually will receive at least $10,000 in debt wiped away. But the discharge of student loan debt is taxable income under current Wisconsin law, according to the Legislative Fiscal Bureau. And that would mean owing hundreds of dollars for most borrowers.

  • The Republican-controlled Legislature would need to change the law to prevent borrowers from being subject to the tax. Assembly Speaker Robin Vos, R-Rochester, and Senate Majority Leader Devin LeMahieu, R-Oostburg, declined to comment on their intentions. Democratic Gov. Tony Evers doesn't believe Wisconsinites who have their student loans forgiven should be penalized with more income taxes, spokesperson Britt Cudaback said.

  • Most other states follow the federal tax code, which temporarily eliminated forgiven student loan debt as a tax burden under a COVID-19 economic relief plan passed by Congress last year. That means the one-time student debt cancellation won't lead to any additional taxes in 37 states, or any federal taxes at all. Wisconsin, however, is one of 13 states whose tax codes stray from the federal government, according to the Tax Foundation, a Washington, D.C.-based think tank.

In another heated election season, Marquette Poll marks 10th anniversary of taking the pulse of Wisconsin's voters

  • The Marquette Poll is marking its 10th anniversary under the guidance of Charles Franklin, the poll director, and several other key players. They take a just-the-facts-approach to providing a snapshot on the political attitudes and choices of Wisconsin voters. In the heat of the political season, the poll makes news, its release watched by the campaigns, the media and the public, all seeking the numbers on the state of the races.

  • What distinguishes the Marquette Poll from most other public polls is its lengthy history, frequency, transparency and focus on a single state. The results are fully accessible to the public and the methodology — how the poll is conducted — is open for all to see. "We have no agenda other than to inform the public and help the public understand what as a collective it tends to believe or disbelieve," said Joseph D. Kearney, Dean of the Marquette Law School.

  • Franklin said a typical questionnaire is between 30 and 40 substantive questions and another 12 demographic questions, with a mix of other questions thrown in. The survey is conducted on a contract basis with a Pennsylvania-based survey firm that uses a call center in New Jersey. To get around 800 complete surveys done takes "something north" of dialing 80,000 to 90,000 numbers, Franklin said. "I don't have control over the results of the poll," Franklin said. "It's what people say. Once that's done, we report the numbers but the caveat is that the campaign is likely to have an effect on these things."

Did someone share this newsletter with you? Sign up here to get it in your inbox.

The Money

EAST SIDE: A lawsuit seeking to block development of a 55-unit apartment building on Milwaukee's east side is being dropped.

MORE EAST SIDE: The possible expansion of a Milwaukee east side historic district has been withdrawn — but a proposed neighborhood apartment development could still be blocked for historic considerations.

The Fun Stuff

SHREKFEST: Yes, Shrekfest is a thing, and it's being held in Milwaukee for the first time on Saturday. Here's what to know about it.

BON IVER: Justin Vernon is no stranger to the radio, but you’ve never heard him like this. Starting Sunday, the Bon Iver frontman will host his first radio show, “Song Chest Radio Hour,” which will broadcast exclusively through WYMS-FM (88.9), aka Radio Milwaukee.

The Games

PACKERS: Tuesday was cut-down day. Here is the initial 2022 Green Bay Packers 53-man roster.

Sign up here for our Packers Update newsletter to get the latest news in your inbox.

BREWERS: The Brewers have lost too many games to bad teams and they added to that last night by dropping one to the Pirates, 4-2.

Today's Weather

Sunny with a high of 84.

Not yet a Journal Sentinel subscriber? Please consider signing up at jsonline.com/deal.

This article originally appeared on Milwaukee Journal Sentinel: Wisconsin borrowers will owe taxes on forgiven student loans