LMAO! at this latest [Commie] Kamala Harris proposal
Read on to find out why. My friend I tell you in this world one thing you will never ever see is a “forgivable loan”. These two terms contradict each other unless you’re a mindless Democrat. You probably know by now that in order to win back Black Male voters the Socialist, Kamala Harris, is proposing to provide Black ONLY business start-ups with “forgivable loans” from the Federal Government. First of all this is illegal because it violates a long-standing IRS rule.

On top of all that there are more glaring problems with Kamala’s latest Socialist proposal –
1) Who’s going to be stuck with paying for this? You and me and everyone imaginable of any skin color – Black, White, Hispanic, Asian, etc. at a time when the U.S. Federal Debt already exceeds $36 Trillion under these ignorant Devilcrats.
2) This proposal is pure discrimination in the form of Diversity, Equity, and Inclusion [DEI]. It makes as much sense as the Left’s earlier push for “Reparations” – a push to pay the descendants of slaves from 200 years ago; not only is this discrimination 101 but also absolutely ridiculous! The idea stemmed from California Liberals and be aware of something there were no slaves in California ever. California joined the union as a state kind of late:)
3) The fact is that nowhere on this planet is there ever going to be such a thing as a “forgivable” loan. Loans are still loans and anytime a debt is forgiven it is deemed a “gift” and taxed as income received. Get it? In cases where a debt is forgiven such as in the case of a property owner defaulting on a mortgage balance and walking on a property, the IRS usually comes in and taxes the amount forgiven as “income”. It may be what is known as “phantom income” but they still look at it as income because obviously the recipient of the debt relief did receive an advantage, that of being relieved of a debt. The IRS also makes clear in their tax code that gifts in excess of a certain value are subject to a “gift tax”. Yes, if you’ve never heard of the gift tax rules you probably never studied much tax accounting, estate planning, or you have never been in a position to gift someone a large amount of money. [Note: This has nothing to do with bequeathing property to another at the time of your death.]

At this writing, the gift tax rules allow any person to gift anyone [spouses excluded] an amount not to exceed $18,000 per year
Without a need to report it. [The IRS indexes the gift tax maximum periodically for inflation.] This means you can give gifts of this amount annually [to an individual] and have it excluded from taxation. The way the IRS gift tax rules work is that the giver, not the recipient, is taxed on any gift exceeding the annual gift tax maximum. So ouch!, huh?

This proposal on the part of Socialist Kamala is a desperation attempt to garner votes from Black Men
For which Kamala has been underperforming in the polls. I believe American Black men are smarter than this, all one has to do is look back at the first Trump Administration when Black and Hispanic incomes rose to records across the board and available jobs were more than plentiful. The WOKE Left with their DEI mandates and their Climate Change Bedwetters is now imploding in this country. Real people are waking up to the Leftist media propaganda and are no longer buying the Devilcrat’s Socialist bullshit, which is becoming more evident by the day. Vote Trump in November and never fear a Socialist again!