The "Can't Cancel Your Own Debt Act of 2023" is a federal bill that aims to prohibit individuals from using debt cancellation as a tax-free transaction. The main provision of the bill is to prevent taxpayers from benefiting financially by canceling their own debts without tax consequences. This legislation seeks to ensure that debt cancellation does not result in a tax advantage for the debtor, thereby promoting fairness and equity in the tax system. If passed, this bill would impact individuals who seek to eliminate their debts without incurring tax liabilities on the canceled amount.
2023-02-28: Introduced in House
2023-02-28: Referred to the House Committee on Education and the Workforce.
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