Numbers have been made available on how Joe Biden's student debt forgiveness plan will cost the average taxpayer.
According to estimates by the National Taxpayers Union Foundation, debt cancelation could cost between $386 billion and $405 billion in net costs to taxpayers. That works out to an average per taxpayer of $2,503.22.
The National Taxpayers Union Foundation issued an analysis estimating the student loan handout adds nearly $330 billion to the deficit over the next decade, as modeled University of Pennsylvania's Wharton School of Business asserts the average cost per taxpayer will be $2,085.
— Mark Nantz (@BullseyeBanjo) August 26, 2022
Other studies have shown the number to be even higher. The Committee for a Responsible Federal Budget estimated that paying for the Biden plan would likely cost about $500 billion. The libertarian Cato Institute has estimated that it would cost around $427 billion.
“Accounting for the uneven distribution of tax burdens across different income levels, we estimate that low-income taxpayers making between $1 and $50,000 would bear an average burden of $190, while taxpayers making between $100,000 and $200,000 would bear an average burden of $3,790,” the National Taxpayers Union Foundation said.
Although framed as debt forgiveness, the Biden plan is more accurately a debt transfer program. The student loans being forgiven are owed to the federal government. The loss of revenue from those loans will be made up for by borrowing by the government.
“While taxpayers won’t feel that bite on this year’s tax bill, Congress will have to make up the difference through reduced spending elsewhere, higher taxes, or, most likely, increased borrowing. Assuming the latter, the federal government essentially just took out a $2,500 loan on the average taxpayer’s behalf, one that taxpayers will be paying interest on for some time,” Andrew Wilford, a policy analyst with the National Taxpayers Union Foundation, wrote in a recent op-ed.
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