Remarkableriots Posted May 20, 2019 Share Posted May 20, 2019 https://www.al.com/news/2019/05/billionaire-robert-f-smith-pledges-to-pay-off-morehouse-college-class-of-2019s-student-loans.html Quote A billionaire technology investor stunned the entire graduating class at Morehouse College when he announced at their commencement Sunday that he would pay off their student loans--estimated at up to $40 million. Robert F. Smith, this year's commencement speaker, made the announcement while addressing nearly 400 graduating seniors of the all-male historically black college in Atlanta. Smith, who is black, is the Founder and CEO of Vista Equity Partners, a private equity firm that invests in software, data, and technology-driven companies. Robert F. Smith, left, laughs with David Thomas, center, and actress Angela Bassett at Morehouse College on Sunday, May 19, 2019, in Atlanta. This is very awesome of him to do. 1 Quote Link to comment Share on other sites More sharing options...
mclumber1 Posted May 20, 2019 Share Posted May 20, 2019 Scott's Tots IRL Quote Link to comment Share on other sites More sharing options...
Jason Posted May 20, 2019 Share Posted May 20, 2019 I hope he's willing to pay off the huge tax bill he just stuck them with... Would paying the tax bill incur another tax bill? Quote Link to comment Share on other sites More sharing options...
SaysWho? Posted May 20, 2019 Share Posted May 20, 2019 Just now, Jason said: I hope he's willing to pay off the huge tax bill he just stuck them with... Would paying the tax bill incur another tax bill? Would the tax bill be bigger than $90,000 student loan debt? Quote Link to comment Share on other sites More sharing options...
Jason Posted May 20, 2019 Share Posted May 20, 2019 1 minute ago, SaysWho? said: Would the tax bill be bigger than $90,000 student loan debt? No, but unlike if they'd had to keep paying off their loans, they're going to get hit with the tax bill on that $90k all at once. Good chance fresh college grads don't have $30k lying around. Quote Link to comment Share on other sites More sharing options...
mclumber1 Posted May 20, 2019 Share Posted May 20, 2019 2 minutes ago, Jason said: No, but unlike if they'd had to keep paying off their loans, they're going to get hit with the tax bill on that $90k all at once. Good chance fresh college grads don't have $30k lying around. Maybe they could all go on Oprah, win cars from her, and immediately sell those prize cars to cover the taxes on the cars AND their tuition payoff? Quote Link to comment Share on other sites More sharing options...
Guest Posted May 20, 2019 Share Posted May 20, 2019 5 minutes ago, Jason said: No, but unlike if they'd had to keep paying off their loans, they're going to get hit with the tax bill on that $90k all at once. Good chance fresh college grads don't have $30k lying around. Unless I'm mistaken, gift taxes are paid by the giver, not the recipient. He would be footing the tax bill himself. Quote Link to comment Share on other sites More sharing options...
Jason Posted May 20, 2019 Share Posted May 20, 2019 1 minute ago, sblfilms said: Unless I'm mistaken, gift taxes are paid by the giver, not the recipient. He would be footing the tax bill himself. Then why did the Oprah car recipients have to pay the taxes on the car themselves? Quote Link to comment Share on other sites More sharing options...
Guest Posted May 20, 2019 Share Posted May 20, 2019 1 minute ago, Jason said: Then why did the Oprah car recipients have to pay the taxes on the car themselves? This is specific to things like student loan debt. It is also treated differently depending on the source, such as when your employer pays off part or all of you student loan that act is treat as compensation and you are on the hook for the taxes on that portion of your compensation. The Oprah situation is treated like game show winnings, which the winner does have to pay taxes on. Quote Link to comment Share on other sites More sharing options...
b_m_b_m_b_m Posted May 20, 2019 Share Posted May 20, 2019 9 minutes ago, Jason said: No, but unlike if they'd had to keep paying off their loans, they're going to get hit with the tax bill on that $90k all at once. Good chance fresh college grads don't have $30k lying around. When I got stuck with tax debt (due to my former employer fucking up how my relocation expenses were filed) the interest rate was literally like 1%. As long as you work with the IRS it's really not that bad for a payment plan. Fortunately someone else whose spouse was an accountant (iirc) found this error and I had to file a corrected return and I got my money back. Quote Link to comment Share on other sites More sharing options...
b_m_b_m_b_m Posted May 20, 2019 Share Posted May 20, 2019 1 minute ago, sblfilms said: This is specific to things like student loan debt. It is also treated differently depending on the source, such as when your employer pays off part or all of you student loan that act is treat as compensation and you are on the hook for the taxes on that portion of your compensation. The Oprah situation is treated like game show winnings, which the winner does have to pay taxes on. When the government forgives student loan debt (for public service for example) the forgiven amount is treated like income. Quote Link to comment Share on other sites More sharing options...
SaysWho? Posted May 20, 2019 Share Posted May 20, 2019 7 minutes ago, Jason said: Then why did the Oprah car recipients have to pay the taxes on the car themselves? 3 minutes ago, sblfilms said: This is specific to things like student loan debt. It is also treated differently depending on the source, such as when your employer pays off part or all of you student loan that act is treat as compensation and you are on the hook for the taxes on that portion of your compensation. The Oprah situation is treated like game show winnings, which the winner does have to pay taxes on. @Jason haha bitch they're gonna be fully paid off and take care of their families now while pursuing a career you can't complain now suck my dick kiss my ass hoohah Quote Link to comment Share on other sites More sharing options...
Jason Posted May 20, 2019 Share Posted May 20, 2019 2 minutes ago, SaysWho? said: @Jason haha bitch they're gonna be fully paid off and take care of their families now while pursuing a career you can't complain now suck my dick kiss my ass hoohah You really are a Floridaman. 2 Quote Link to comment Share on other sites More sharing options...
SaysWho? Posted May 20, 2019 Share Posted May 20, 2019 Just now, Jason said: You really are a Floridaman. Guilty as sin. Quote Link to comment Share on other sites More sharing options...
Guest Posted May 20, 2019 Share Posted May 20, 2019 1 minute ago, b_m_b_m_b_m said: When the government forgives student loan debt (for public service for example) the forgiven amount is treated like income. This is correct. Quote Link to comment Share on other sites More sharing options...
RedSoxFan9 Posted May 20, 2019 Share Posted May 20, 2019 This class is going to be way more successful than the school’s other classes Quote Link to comment Share on other sites More sharing options...
Dodger Posted May 21, 2019 Share Posted May 21, 2019 Bet the juniors are pissed Quote Link to comment Share on other sites More sharing options...
Keyser_Soze Posted May 21, 2019 Share Posted May 21, 2019 See, trickle down economics works! Quote Link to comment Share on other sites More sharing options...
SuperSpreader Posted May 21, 2019 Share Posted May 21, 2019 What if they rolled the debt to his social Quote Link to comment Share on other sites More sharing options...
marioandsonic Posted May 21, 2019 Share Posted May 21, 2019 Didn't Tony Stark do this years ago? Quote Link to comment Share on other sites More sharing options...
Jwheel86 Posted May 21, 2019 Share Posted May 21, 2019 And a billionaire never gave a commencement address again. Quote Link to comment Share on other sites More sharing options...
Comet Posted May 21, 2019 Share Posted May 21, 2019 On the one hand, that is an amazing thing to do. On the other hand, I've worked at two of this guy's equity companies and they're fucking ridiculous with mass layoffs. Nope nope nope. Quote Link to comment Share on other sites More sharing options...
RedSoxFan9 Posted May 21, 2019 Share Posted May 21, 2019 A real billionaire would do this but require the students to give him a percentage of their income for the next few decades Quote Link to comment Share on other sites More sharing options...
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