Entertainment Weekly has the article John Oliver surprises thousands with $14 million debt relief.
John Oliver was feeling generous on Sunday’s episode of Last Week Tonight — but first he wanted to paint a clear picture of the debt industry.
John Oliver uncovers and fixes a debt problem that is so obscene that every politician should be fighting over who will be first to propose a solution.
I would remark on how easy it would be for the government to buy back this debt for pennies on the dollar and forgive it, but that isn’t even necessary.
The debt that John Oliver bought and forgave isn’t even legally collectible. So the laws have already forgiven it, but debt collectors still harass people to collect it. Why? Because who is going to stop them?
Furthermore, John Oliver had to forgive the debt in a specific way so that the debtor wouldn’t become liable to the IRS for taxes on the amount of the debt forgiven. The IRS imputes this as income so that you owe income taxes when you are released from a debt by someone “paying” it off for you.
Now do you believe Bernie Sanders when he says the system is rigged against you?